Company Application No. (I.B.)34/PB/2017. Case: In Re: Creative Solutions and Ors. Vs. Company Law Board

Case Number:Company Application No. (I.B.)34/PB/2017
Party Name:In Re: Creative Solutions and Ors. Vs
Counsel:For Appellant: Rohit K. Aggarwal and Ajay Baury, Advocates
Judges:R. Varadharajan, Member (J) and Deepa Krishan, Member (T)
Issue:Company Law
Judgement Date:April 12, 2017
Court:Company Law Board
 
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Order:

(Principal Bench, New Delhi)

  1. This is a petition filed by the petitioner claiming to be an 'Operational Creditor' under the provisions of the Insolvency and Bankruptcy Code, 2016 (for brevity referred to as IBC) along with attendant Rules against the respondent company which is claimed to be the 'Corporate Debtor' of the petitioner. The petitioner has averred in the petition that a sum of Rs. 1,08,99,705/- is due and outstanding from the respondent company in relation to the services rendered relating to design and development of the project "Kessel l-Valley" at Greater Noida of the respondent company. Further, it is claimed that the petitioner has also rendered its services for construction of the office spaces of the respondent company in Noida.

  2. In support of the claim made by the petitioner against the respondent, bills/invoices in relation to the work carried out, it is claimed have been annexed and it is also the claim of the petition that the respondent company had duly acknowledged all the bills and invoices raised against it all of which annexed as Annexure-A/1(colly). It is the further claim of the petitioner company that out of the work carried out by the petitioner amounting to Rs. 3,53,61,884/-, the respondent company has only made a part payment amounting to Rs. 2,44,62,179/- and the balance of Rs. 1,08,99,705/- is still due and outstanding from the respondent company. Repeated reminders made by the petitioner to the respondent company to pay the balance amount has not borne any fruit and in the circumstances in relation to the unpaid debt being an operational debt as defined under the provisions of IBC, the petitioner had sent a notice of demand dated 30.01.2017 which is annexed as Annexure-A/3. Despite the receipt of the notice of demand as annexed as Annexure- A/4, the respondent company has neither paid the amount nor chosen to send a reply to the said notice of demand dated 30.01.2017 and in the circumstances the present petition has been filed by the petitioner invoking the provisions of IBC for initiating the Corporate Insolvency Process of the respondent company.

  3. The above matter was listed before the Hon'ble Principal Bench on 28.03.2017 and on the said date the petitioner was directed to serve notice of the petition on the respondent company in order to enable the respondent to make their submissions in respect of the claim made by the petitioner/applicant with a view to follow the principle of natural...

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