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TMI Blog2020 (3) TMI 1214X X X X Extracts X X X X X X X X Extracts X X X X ..... nal creditor from which, it is evident that the operational creditor is the sole proprietor of Loyal Enterprises Identification number indicated as not arisen with his address "A-3 & 4, 1st Floor, Arihant Complex, No. 10, S. S. Mill Road, Coimbatore-641 009". Part-II of the application gives all the particulars of the corporate debtor from which it is evident that the corporate debtor is a private limited company with CIN : AAG-8987(LLPIN) which was originally registered on July 13, 2016 as a limited liability partnership (LLP) and that its authorised capital is Rs. 1,00,000. The registered office of the corporate debtor as per the application is stated to be situated at No. 4, 1st Floor, No. 128, Crown Court, Cathedral Road, Chennai, Tamil Nadu-600 002. Part-III of the application shows that the operational creditor has proposed interim resolution professional, whose particulars are given hereunder : Mr. P. Sriram, No. 10/17, Anandhan Colony, South Canal Bank Road, Mandaveli, Chennai-600 028. [email protected] IBBI/IPA-002/IP-N00292/2017-2018/10895 3. From Part-IV of the application, it is seen that a sum of Rs. 77,52,613 plus interest at 18 per cent. per annum from ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... es totalling up to Rs. 1,35,52,613. Of the aforesaid amount, a payment of Rs. 58,00,000 in two tranches were received from the corporate debtor leaving an outstanding amount of Rs. 77,52,613 due and payable towards the operational debt. 11. The operational creditor had also submitted that the cheque bearing No. 000055 for Rs. 50,00,000 dated September 4, 2018 drawn on Indian Overseas Bank, Stella Maris Branch, Chennai issued by the corporate debtor, in partial discharge of debt due and payable was returned dishonoured for reason "Funds Insufficient". 12. The operational creditor has stated that the demand notice dated September 14, 2018 was duly accompanied by proof of service of notice. The operational creditor has further alleged that there was neither a response nor notice of dispute by the corporate debtor in relation to the unpaid operational debt which held due on March 1, 2018. 13. Pursuant to an amended application filed by the operational creditor, the applicant prayed for changing the cause title since there was an amendment in the nature of constitution of corporate debtor from Chennai Football Club LLP., into M/s. Chennai City Football Club P. Ltd. 14. In the counte ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y exposure limited to the on-ground spectators, who are only 5,000 and above in number. 15. In the rejoinder statement filed by the applicant/operational creditor, it has been submitted that : (a) at all points of time only promise for payment were made, cheque were issued and dishonoured. (b) the applicant has asked for 50 per cent. advance payment against order confirmation. However, the purchase order was modified as 20 per cent. along with order confirmation. Even that 20 per cent. advance was paid on February 2, 2018 and the project was completed within 6 to 8 weeks thereafter in line with the quotation. (c) the allegations made by the corporate debtor are patently false that third party report, quotation for repairs, etc. Are all taken only in November 2018, several months after the completion of work and post ser vice of Form 3 and Form 5 on the corporate debtor. (d) the invoice raised are for Rs. 1,13,13,434 but the quote was for Rs. 95,00,066 it is submitted that additional work was carried out including arising out of pre-existing pillar at the location marked for installing the floodlight, resulting change in drawing, etc. The invoices themselves have enumerated ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... annot allege the delay from the part of operational creditor in completion of the work. Apparently delay occurred from the part of the corporate debtor in releasing the advance which resulted in delayed commencement of the work assigned to the operational creditor. The rest of the averments with respect to the matches are not relevant which have been pointed out reasons for dispute are baseless and bogus, since the existence of the operational debt has been proved by applicant, it is seen from the correspondence regimes of office e-mail communication that they have not disputed existences of operational debt which has fallen due after completion of the work by the operational creditor. 19. By taking into consideration the facts mentioned supra, we are inclined to admit the application as has been filed by the operational creditor and consequently corporate insolvency resolution process is initiated. The operational creditor has proposed the name of Mr. P. Sriram as insolvency resolution professional in Part-III of the application and a written communication in the format prescribed under Form 2 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 ha ..... X X X X Extracts X X X X X X X X Extracts X X X X
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