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TMI Blog2021 (11) TMI 249X X X X Extracts X X X X X X X X Extracts X X X X ..... kruptcy Code, 2016 (I&B Code) read with Rule 5 and 6 of Insolvency & Bankruptcy (Application to Adjudicating Authority) Rules, 2016 against MSH Sarees Private Limited, Corporate Debtor, for initiating Corporate Insolvency Resolution Process (CIRP). The Petition is filed claiming a total default of Rs. 38,09,842/- with interest as on 31.12.2020. SUBMISSIONS BY THE PETITIONER:- 2. The Petitioner is a private limited company having its registered office at Hyderabad and into the business of importing and distribution of various earthmoving, road and mining equipment spare parts, cleaners, attachments to a diversified one-stop integrated service solution from simple to turnkey solutions in construction, infrastructure, and mining and has spre ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Ministry of Corporate Affairs vide Notification No. S.O. 1205(E) dated 24.03.2020, with effect from 24.03.2020 do not apply on the present case as the notification is prospective in nature and is well settled. SUBMISSIONS BY THE CORPORATE DEBTOR: 8. The Corporate Debtor submits that the Demand Notice and the Petition are defective and incomplete. The Board Resolution to initiate the Corporate Insolvency Resolution Process against the Corporate Debtor was passed on 06.10.2020 and Mr. J. Raghuram accounts manager of the Petitioner was authorized to issue notices. The mandatory provisions of Section 8 of the Code regarding the serving of the Demand Notice were not followed, even the Rule 5 of the Insolvency and Bankruptcy (Application to Ad ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ates of default, cannot be clubbed together in a single petition. In the present petition, the Petitioner clubbed various separate contracts being the purchase order Ref no. 2400092, 22006522, RO/SIIL/11-12/NBCC GREEN 40, and SIIL/RO/NBCC53, which are two separate and independent contracts/agreements and thus could not have been clubbed together in the same Petition. 12. There is no express agreement between the Petitioner and the Corporate Debtor regarding the interest to be paid thus the claim of interest is unwarranted. 13. In view of the above, the Petition filed by the Petitioner deserves to be dismissed. FINDINGS: 14. This Bench notes that this Petition has been filed by M/s. DCS Techno Services Private Limited (Petitioner/Operati ..... X X X X Extracts X X X X X X X X Extracts X X X X
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