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TMI Blog2019 (5) TMI 1780X X X X Extracts X X X X X X X X Extracts X X X X ..... s. The same shall be accounted for by the IRP and shall be reimbursed to the Applicant to be recovered as costs of the CIRP - Renotify this case for report of the IRP on 01.07.2019. - IB-1769/(ND)/2018 - - - Dated:- 25-5-2019 - Ms. INA Malhotra, Judicial Member And Dr. V.K. Subburaj, Technical Member Saurabh Seth and Mrs. Sumeera Sethi, Advocate for the Applicant. Ritesh Khare and Mohd. Azeem, Advocates for the Respondent. ORDER DR. V. K. SUBBURAJ TECHNICAL MEMBER.- 1. This is an application filed by M/s. Sun tech Infra Solutions Pvt. Ltd. ( the Applicant ) seeking io initiate corporate insolvency resolution process ( GIRP ) against M/s. Shri Balaji Infra-developers Pvt. Ltd. ( the Respondent'') under Sectio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2 2,64,426 01.10.2016 RA 3 57,739 iii. Despite timely completion of the works in relation to the above bills, and submission of the above bills in the manner prescribed, the Respondent has not cleared the aforesaid invoices and has as such failed to pay an outstanding amount of ₹ 26,86,143/-. iv. The total outstanding debt as on 22.08.2018 is ₹ 39,11,176/- including the principal amount of ₹ 26,86,143/-. The total outstanding debt as on date of the instant application is ₹ 40,90,704/-. v. That despite repeated follow ups and reminders, the Respondent has failed to pay the outstanding debt, as indicated above. vi. The ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ct belongs to the main contractor Tata projects Limited ('TPL ). The Respondent got this project from TPL in the year of January 2016, after that the Respondent issued work orders bearing No. SBIL-GS(JV)WO/2016-17/AGRA/002 dated 12.07.2016 for a sum of ₹ 79,62,500/- in the favour of Applicant for piping and Steel fabrication Work at the project site 'Shilpgram Mughal Museum' in Agra, UP. ii. The issued work has not been completed by the Applicant and the construction completed is deficient and the Respondent's client i.e. TPL was not satisfied with the work done by the Applicant. The Respondent has a reputation which has been tarnished for the reason of deficient work done by the Applicant. iii. The work wa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... icant has filed the present CA No. 399/2019 seeking to revive the application since the cheques given by the Respondent have bounced. In view of the facts and circumstances of case, the CA No. 399/2019 is allowed and the main application is revived. In the light of clear and categorical admission of liability by the Respondent in the settlement agreement and the default of the Respondent, this tribunal initiates CIRP of the Respondent. 4. A moratorium in terms of Section 14 of the Code is imposed forthwith in following terms: (a) the inslitulion of suits or continuation of pending suits or proceedings against the Respondent including execution of any judgment, decree or order in any court of law, tribunal, arbitration panel or other ..... X X X X Extracts X X X X X X X X Extracts X X X X
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