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TMI Blog2017 (10) TMI 1284X X X X Extracts X X X X X X X X Extracts X X X X ..... Rejected. - (IB)-367(ND)/2017 - - - Dated:- 23-10-2017 - Ina Malhotra, Member (J) and S.K. Mohapatra, Member (T) For the Appellant: Manohar Malik and Amit Dhaka, Advocates For the Respondent: Alok Dhir and Karan Batura, Advocate ORDER 1. The Petitioner has claimed to be an Operational Creditor and has prayed for initiation of Corporate Insolvency Resolution Process of the Respondent/Corporate Debtor for non-payment of its dues. The said application which has been filed in the required format has been instituted through its Director Shri Sarish Saxena, duly authorized under the Board Resolution dated 25.08.2017. 2. The facts of the case are that the Operational Creditor is engaged in the business of interior designi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... k done by them. 4. The Operational Creditor submits that as against their approved bills of ₹ 2,53,68,126/- they have received only a sum of ₹ 1,51,33,435/- from the Respondent after deduction of TDS and WCT of ₹ 6,07,380/-. Despite various reminders it is submitted that the Corporate Debtor failed to remit the outstanding amount, constraining them to send a statutory notice under Section 8 of the Insolvency and Bankruptcy Code which was duly served to them. It is submitted that through the reply filed by the Corporate Debtor, an attempt has been made to portray a frivolous defence, merely to resist the present proceedings. 5. The petition is annexed along with the relevant documents including the notice under Sectio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... at various defects had been pointed out in the execution of the work which remained unredressed despite bringing it to the notice of the Operational Creditor vide written communication and holding meetings. Minutes of the meetings specifically held on 26th 27th August, 2015 and 7th September, 2015 have been filed along with the respondent's counter affidavit, in which various deficiencies and the snags were pointed out to the Operational Creditor. Some of the correspondence relied upon in this respect are dated 1st October, 2015, 10th February, 2016, 16th May, 2016 amongst many others. It is also stated that the Operational Creditor did not finish several items and abandoned the work which necessitated getting it completed through thi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... is not at industry par and it would not be wise to pay any money to M/s. Valueline. Apart from delayed and inferior works, it is also understood that monies that are paid in recent past by your organization to M/s. Valueline are not passed on to their sub contractors. May please take suitable action including replacing M/s. Valueline to complete balance jobs which would be more effective and timely. Assuring our best service, as always. Thankint you, Sd/- Zafar Chaudhary Habitat Architects 7. It is submitted by the Corporate Debtor that the agreement executed between the parties specifically provided for damages on account of delay in completion of the work and therefore they seek to recover the same from the p ..... X X X X Extracts X X X X X X X X Extracts X X X X
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