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TMI Blog2022 (10) TMI 871X X X X Extracts X X X X X X X X Extracts X X X X ..... vency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 with a prayer to initiate the Corporate Insolvency Resolution Process against M/s. Arcelia IT Services Private Limited (for brevity, the 'Respondent'). 2. The Respondent namely, M/s. Arcelia IT Services Private Limited is a Company incorporated on 11.01.2000 with CIN U72200DL2010PTC201434 under the provisions of the erstwhile Companies Act, 1956, having its registered Office at Flat No. 26/13, Second Floor, Deepak Building, Nehru Place, New Delhi - 110019, which is within the jurisdiction of this Tribunal. That the Authorized Share Capital of the Respondent is Rs.10,00,000/- and Paid-up Share Capital is Rs.1,00,000/- as per the Master Data of the Respondent. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ts of Rs.17,74,910/- and Rs.1,00,000/- respectively, which were duly received and adjusted by the Applicant in its books of accounts. 3.5 The particulars of the amount of Debt claimed including the total amount of default and the date of default are mentioned in Part IV of the application, which are reproduced below, for the sake of convenience: 4. As per Part IV of the Application, the Applicant has claimed an amount of Rs. 1,15,11,486/. (Principal amount of Rs. 1,01,80,986/- + interest of Rs. 13,30,500/- for the period from 29.02.2020 to 15.12.2021 calculated @ 18% per annum) as an operational debt. Further, the date of default relied by the Applicant is of 15.12.2021. 5. On issuance of notice, the Respondent has filed its reply and ra ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eunder for ready reference : "Clause 9.1 The terms of the delivery shall be in accordance with the delivery terms specified in the Purchase Order. Clause 12.3 Brightstar shall submit to you a tax invoice following dispatch by Brightstar of the product to you in accordance with the terms of the Purchase Order and this Agreement." vi) Owing to the deviations by the Applicant in performance of the Purchase Order, it was agreed between the parties that the payment of the outstanding amount will he completed on delivery of the complete consignment of the goods as per the terms of the said Purchase Order. The relevant clause of the said Agreement is reproduced for ready reference: "Clause 12.5 Payment on a Brightstar Standard Credit amoun ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed 03.11.2021 assured the Applicant that the payments would be made in full by remitting on-account payments of Rs.5,00,000/- every 10 days or fortnight. Thereafter, the Respondent made only two on-account payments of Rs.5,00,000/- each on 03.11.2021 and 10.11.2021 and thereafter, it failed to make payments as promised. It is stated by the Applicant that it had adjusted the part-payments made by the Respondent and after adjusting the amounts, it had arrived at the claim amount as mentioned in Part IV of the application. 8. After hearing submissions of both the parties and perusing the documents and written submissions placed on record, this Bench observes that though the Respondent has not replied to the statutory Demand Notice, it has fil ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... said part-payments are considered, the total outstanding dues would get reduced significantly. Per contra, the Applicant has stated in its written submissions that it had adjusted the Part-Payments in the following manner : 12. From perusal of the aforesaid table, it is observed that whereas the payments made on the earlier dates except the payment reflected at Serial no.1 are adjusted against the invoice no. RV1927813879, the part-payments dated 03.11.2021 and 08.11.2021 made by the respondents as reflected at serial. no. 8 and 9 are adjusted towards the interest outstanding of the invoice bearing No. RV2027804572. Hence, we do not find any consistency or pattern in the treatment accorded to the part-payments, while adjusting the same tow ..... X X X X Extracts X X X X X X X X Extracts X X X X
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