2022 (1) TMI 1236

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....brevity 'the Rules') with a prayer for initiation of Corporate Insolvency Resolution Process in respect of respondent company, claimed to be the corporate debtor. 2. The applicant, Durgesh Kumar Sharma has filed the present application claiming as the operational creditor with the prayer for initiation of Corporate Insolvency Resolution Process under the provisions of the Code. 3. The details of transactions leading to the filing of this petition as averred by the petitioner are as follows: a. That the Operational creditor is the proprietor of M/s Salasar Builders and is engaged in the business of supply of various materials and civil works including digging of earth, M-Sand Truck, stone, water tankers, cement bags and labour supply. ....

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....petent authority. c. The operational creditor started the work also and sourced certain materials at the site and raised one invoice bearing No. 104 dated 30.04.2019. d. The Corporate Debtor had all good intentions to return the said raised invoice but could not do it because of the fact that the architect failed to prepare the building plan and submit it to the competent authority for the approval of the same. As no building plan could be prepared and approved, the various prospective buyers who were showing interest and also the financers who promised to fund the project subsequently back tracked. Therefore, the Corporate Debtor, in the absence of requisite funds, could not pursue the project further and the entire plan became stand s....