TMI Blog2021 (2) TMI 1178X X X X Extracts X X X X X X X X Extracts X X X X ..... lso mandates that concerned party should be given proper notice of proceedings. Therefore, the Adjudicating Authority ordered notice to the Respondent on 03.03.2020, and case stands posted on various dates viz., 05.01.2021, 06.01.2021 and 22.01.2021. However, none appears for the Respondent and no reply is filed. It is also relevant to point out here that consideration of mere debt and default in question, without knowing/ serving notice on the Corporate Debtor, would be futile exercise. Even the information furnished on behalf of the Petitioner, as stated supra, would be of no use. The Adjudicating Authority cannot come to conclusion basing on one side version of the Petitioner. And the Corporate Debtor is stated to have cleared all the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ORDER Rajeswara Rao Vittanala, J. 1. C.P. (1B) No.79/BB/2020 is filed by M/S. SMS Integrated Facility Services Private Limited U/s. 9 of the IBC, 2016, R/w Rule 6 of the I B (AAA) Rules, 2016, by inter alia seeking to initiate Corporate Insolvency Resolution Process (CIRP) in respect of M/S. Expat Educational Institute on the ground that it has committed default for total amount of ₹ 22,69,778/- which includes principal amount and interest@ 24% p.a. 2. Brief facts of the case, as mentioned in the Company Petition, which are relevant to the issue in question, are as follows: (1) M/S. SMS Integrated Facility Services Private Limited (hereinafter referred as Petitioner/ Operational Creditor), having CIN: U74999MH2000 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ling which interest @ 24% per annum would be levied. After much follow- up by the executives of the Operational Creditor to pay the dues against the services received, the Director of the Corporate Debtor Mr. Nathan Andrews vide his email dated 17.11.2017 addressed to the Operational Creditor and assured that the Corporate Debtor shall make payments towards the dues on monthly instalment basis since the Corporate Debtor was going through a financial crisis. In spite of the assurances made by the Director of the Corporate Debtor, the Corporate Debtor has partly settled the dues till February, 2017. (4) The Operational Creditor then issued a Demand Notice in Form 3 on 12.06.2019. However, there has been no reply to the said notice and ther ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... orporate Debtor had engaged the services of the Operational Creditor in the year 2016. Apart from the details of the said Project, there were no other projects listed as part of the Corporate Debtors workings. (2) While going through numerous news outlets regarding any published articles in relation to the conduct of the Corporate Debtor in terms of business, the Petitioner was able to track down a newspaper article published by DNA on their website which gave an insight to the departure of Ecole Hoteliere at Lavasa and specified the lack of working commitment from the overall Expat-Group, of which the Corporate Debtor was an integral part in relation to the education and hotel services. The article clearly specified the lack of contract ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e invoices of the Operational Creditor till the month of February, 2017. As stated supra, the claim in question relates to the year 2017, for which the Petitioner issued Notice in Form 3 only on 12th June, 2019 and thereafter instant Petition. Though invoices in question contemplate within 10 days, failing which it carries interest @ 24% Demand filed the payment p.a, the Petitioner has not initiated any legal proceedings prior to the instant Proceedings and the Petitioner has not explained the reasons for not initiating proceedings earlier. 7. As stated supra, as per the MCA website, the Corporate Debtor Active compliance was Active Non-Compliance. Since the year of 2016, the Corporate Debtor has failed to file its statutory returns. How ..... X X X X Extracts X X X X X X X X Extracts X X X X
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