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TMI Blog2021 (10) TMI 540X X X X Extracts X X X X X X X X Extracts X X X X ..... or brevity 'Applicant'), with a prayer to initiate the Corporate Insolvency Resolution Process against M/S Plus Corporate Ventures Private Limited (for brevity 'Corporate Debtor'). 2. The Applicant is a sole proprietor of M/s. Finex Consultancy Services and is a Company Secretary by profession. The office is situated at 1218, 12 Floor, Hemkunt Chambers Nehru Place, New Delhi. 3. The Corporate Debtor is a private limited company, incorporated under the provisions of Companies Act, 1956 on 15.09.1999 bearing CIN U70101DL1999PTC101557 and having its registered office at L-7, Menz, Floor Green Park Extension New Delhi-110016 4. The applicant submits that around December, 2018 the corporate debtor approached the applicant in p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... angement upon 30 days' written notice without any reason stated thereof. ii. Either Party may after providing a seven (7) days notice terminate this Agreement if the other Party shall be in breach of any of the terms of this Agreement, which, in case of a breach capable of remedy is not remedied by the relevant Party within 15 days of receipt by the other Party of the notice from the concerned Party specifying the breach and requiring its remedy." 7. The applicant submits that the termination was done without the compliance of clause (5), without providing 30 days time period and the applicant did not protest the same. It is submitted that a letter was sent by the applicant to the director of the corporate debtor regarding payment of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ent letters dated 09.08.2019. Please raise the bills accordingly". The applicant raised the invoice for an amount of Rs. 2,50,000/- dated 18.12.2019 as requested by the Corporate Debtor. The applicant repeatedly requested the Corporate Debtor to release the payments of Rs. 4,00,000/- raised under invoices dated 07.01.2019 for Rs. 1,50,000/- and on 18.12.2019 for Rs. 2,50,000/- respectively. However, the corporate debtor kept delaying the payments. The applicant submits that corporate debtor had never raised any issue on the quality of services provided by the applicant, in fact, corporate debtor appreciated & acknowledged the professional services provided by the applicant. 10. The applicant issued a letter dated 02.01.2020 to the corpora ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f service has duly been filed. 13. The pleadings were complete and arguments heard and the order was already reserved. The reply of the corporate debtor could not be traced one portal, therefore clarification was sought on 16.08.2021. The Learned Counsel for the parties stated that the parties had approached for settlement. One week time was granted to settle the matter. No settlement is placed before us. 14. As per Form V, Part IV of the application, the corporate debtor is liable to pay an outstanding sum of Rs. Rs. 4,00,000/- along with interest @12% p.a. The date of default as per part IV is 18.12.2019. The present application was filed on 28.02.2020, hence the debt is not time barred and the application is filed within the period of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and Bankruptcy Board of India (Application to Adjudicating Authority) Rule, 2016 and make disclosures as required under IBBI (insolvency Resolution Process for Corporate Persons) Regulations, 2016 within a period of one week from the date of this order. 19. We direct the Operational Creditor to deposit a sum of Rs. 2 lacs with the Interim Resolution Professional, namely Mr. Anil Rustgi to meet out the expenses to perform the functions assigned to him in accordance with regulation 6 of Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Person) Regulations, 2016. The needful shall be done within one week from the date of receipt of this order by the Operational Creditor. The amount however be subject to ad ..... X X X X Extracts X X X X X X X X Extracts X X X X
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