TMI Blog2021 (5) TMI 643X X X X Extracts X X X X X X X X Extracts X X X X ..... el, which was duly served on the Corporate Debtor on 30.01.2020. Despite receiving the Demand Notice, the Corporate Debtor has neither intimated the existence of any dispute within a period of ten (10) days from the date of receipt of notice (30.01.2020), nor made any payment to the Operational Creditor towards the same. Therefore, the debt and default in question are deemed to be admitted, and thus the Respondent committed default of debt. The Petitioner has substantiated the debt and debt in question by enclosing all relevant documents. Since the learned counsel for the Respondent conveyed the willingness of Respondent to settle the claim in question, we are inclined to give one more chance to settle the claim before initiating CIRP as ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (2) M/s. RD Buildtech and Developers (Karnataka) Private Limited (hereinafter referred to as Respondent/Corporate Debtor) is a Private Limited Company incorporated under the provisions of the Companies Act, 1956 on 22.02.2011, having CIN: U70102KA2011PTC057207 and having registered office situated at Phoenix Towers, 16/1, 4th Floor, Museum Road, Bengaluru-560001. (3) The Corporate Debtor approached the Operational Creditor for Facility Management Services. Accordingly, they have executed Service Agreement dated 1st May, 2019. In terms of Agreement, the Operational Creditor has extended such management facilities to the Corporate Debtor at various locations as mentioned in the Service Agreement. The Operational Creditor has discha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to the Operational Creditor towards the same. Hence, this Petition. 3. The Respondent has filed the Statement of Objections dated 07.04.2021 by inter-alia contending as follows: (1) The Petitioner has entered into Service Agreement on 01.05.2019, and under the Agreement, the Petitioner is engaged in the business of providing Housekeeping, waiters etc., There is a schedule mentioned for payment of the charges, pricing agreed is mentioned under the Agreement and the payment that are required to be made in terms of Schedule-A was strictly with regard to the attending the circumstances and the attendance of the parties that are required. The Petitioner, had fail to keep up the obligations, in terms of Service Agreement in question. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and default in question are not in dispute, the Respondent failed to respond to even demand notice and the instant Application is filed in accordance with law. Therefore, he has urged the AA to initiate CIRP. 6. Shri V.B. Shivakumar, learned Counsel for the Respondent, while pointing out various contentions raised in the Reply, as briefly stated supra, has agreed to settle the claim of Petitioner within stipulated period of time as fixed by the AA. 7. When the Respondent failed to clear outstanding dues for the service rendered by the Petitioner, it has terminated the Service Agreement in question, vide Notices dated 20.11.2019 and 20.12.2019 by demanding to pay outstanding amounts. When efforts made by the Petitioner could not succe ..... X X X X Extracts X X X X X X X X Extracts X X X X
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