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TMI Blog2022 (8) TMI 546X X X X Extracts X X X X X X X X Extracts X X X X ..... onsultants Private Limited (Operational Creditor), seeking to initiate Corporate Insolvency Resolution Process ("CIRP") against Samarpan Viniyog Private Limited ("Corporate Debtor"). Submissions on behalf of the Operational Creditor: 3. The case of the Operational Creditor is that upon order placed by the Corporate Debtor vide letter dated 20 April 2019, it had prepared a Detailed Project Report (DPR) for the Varanasi Cruise Project of the Corporate Debtor in the Financial Year 2019-2020. The Corporate Debtor, vide the said letter instructed the Operational Creditor that the report was to be submitted within one month and that the price would be Rs. 5,50,000/- (Rupees Five Lakh Fifty Thousand Only) excluding taxes. The Corporate Debtor fu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... aken off due to some unavoidable circumstances and the Corporate Debtor is not is a position to pay the outstanding debts as demanded by the Operational Creditor. The Corporate Debtor informed of the situation to the Operational Creditor and sought for settlement. However, no settlement could be matured. Rejoinder on behalf of the Operational Creditor: 9. The Corporate Debtor has misdirected itself by filing the reply as it has not issued any notice to dispute after receiving the Form 3. Further, vide letter dated 05 August 2019, the Corporate Debtor had confirmed its outstanding debts and expressed its inability to pay the said debt. 10. The Operational Creditor has submitted record of the Financial Information in Form C vide Unique Deb ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Crore, Forty-Two Lakh Only). A further perusal of the balance sheets of the Corporate Debtor for the Financial Year 2018-19 reveals that the reserves and surplus of the company as on 31 March 2019 is Rs. 21,70,65,940/- (Rupees Twenty-One Crore Seventy Lakh Sixty-Five Thousand Nine Hundred and Forty Only). The balance sheets for the Financial Year 2020-21 further show that the Corporate Debtor's reserves and surplus as on 31 March 2021 is Rs. 21,63,66,860/- (Rupees Twenty-One Crore Sixty-Three Lakh Sixty-Six Thousand Eight Hundred and Sixty Only). The company has no long term borrowings. 16. The purpose of the Code is to resolve the insolvency of the Corporate Debtor and not recovery of debt. On perusal of the said documents, we are of ..... X X X X Extracts X X X X X X X X Extracts X X X X
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