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TMI Blog2020 (2) TMI 697X X X X Extracts X X X X X X X X Extracts X X X X ..... of Operational Debt . Application dismissed. - CP(IB)NO. 4204/MB/C-IV/2018 - - - Dated:- 3-12-2019 - Rajasekhar V.K., Judicial Member And Ravikumar Duraisamy, Technical Member Saurabh Pandya and Aagam Doshi, Advs. for the Petitioner. ORDER Rajasekhar V.K., This is a Company Petition filed under section 9 of the Insolvency Bankruptcy Code, 2016 (IBC) by Shantanu Bharat Agarwal an individual person ( the Operational Creditor ), seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Indotech Industrial Solutions Private Limited ( the Corporate Debtor ) [CIN: U72900PN2006PTC128617]. 2. The Corporate Debtor is a company incorporated on 19.06.2006 under the Companies Act, 1956, as ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... total project cost per week. Further, the Corporate Debtor was bound to deliver all the equipments at premises of the Operational Creditor latest by 05.07.2018 and to do the final commissioning latest by 15.07.2018. 6. The Operational Creditor submitted that the Operational Creditor was to pay the Corporate Debtor an amount of ₹ 11,00,000/-on 11.05.2018 and the same was paid to the Corporate Debtor vide bank transfer/RTGS on 11.05.2018. The Operational Creditor further submitted that as agreed under clause 3 of the agreement dated 11.05.2018 that the balance consideration was to be paid by the Operational Creditor subject to the Corporate Debtor performing their obligation of supplying, installing, testing and commissioning ghee ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tor had served a Demand Notice in Form 3 dated 13.08.2018 to the Corporate Debtor (Annexure 'Q' to the petition at pp.65-69) in terms of section 8 of the IBC. The Corporate Debtor has sent a reply to the Demand Notice dated 27.08.2018 (Annexure 'R' to the petition at pp.70-71). 12. The Corporate Debtor has not filed a reply to the Petition. 13. We have heard the Ld. Counsel for the Operational Creditor and perused the record. 14. In our order dated 16.04.2019 we have given further opportunity to the Corporate Debtor to file the reply. However, despite service of court notice on the Corporate Debtor, no reply has been filed. There is no representation from the Corporate Debtor side. Therefore, it is held that t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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