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TMI Blog2019 (8) TMI 1608X X X X Extracts X X X X X X X X Extracts X X X X ..... denied by the Corporate Debtor that the Demand Notice was not received by the Corporate Debtor, moreover, there is record to show that the Demand Notice has been received by the Corporate Debtor - The Operational Creditor has proved the debt as well as its default by the Corporate Debtor. Notice under Section 8 of I B Code, has also been sent by the Operational Creditor and received by the Corporate Debtor. The Operational Creditor has filed one Affidavit stating that he did not receive any dispute from the Corporate Debtor before filing this claim. Application admitted - moratorium declared. X X X X Extracts X X X X X X X X Extracts X X X X ..... contract value of work. b) That the retention money @ 5% of the contract value shall be deducted from each running bills of the Contractor and shall be released after defect liability of period of 18 months. c) That the performance of the contractor is far from satisfactory; the Corporate Debtor herein had vide email dated 22.07.2015, intimated to deploy adequate manpower since no manpower was deployed at the site on and from 14.07.2015 but the Operational Creditor failed to do so which resulted in inordinately delay causing immense loss and distorted the Goodwill of the Company. That the Operational Creditor requested to increase the rate and accordingly the Corporate Debtor intimated the revised rates through e-mail and requested the Operational Creditor to complete the job within time period considering urgency and nature of job involved which had a profound impact on the Goodwill of our Company. Despite the aforesaid initiative on the part of the Corporate Debtor, the Contractor (Operational Creditor) preferred to remain silent and did not take any initiative to resume the incomplete job. d) That under the said circumstances, the Corporate Debtor had to complete the undon ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he email dated 22.07.2015 marked and annexed as Annexure- A and B to the Reply. 9. We heard learned counsel appearing for the Operational Creditor and have perused the records. The Corporate Debtor did not appear on 19.07.2019 when the matter was fixed for hearing, the Corporate Debtor again chose not to appear on 26.08.2019, therefore the case was heard in their absence. 10. It is observed that the Affidavit in reply filed by the Corporate Debtor is indeed not notarised. The Corporate Debtor in its reply has raised a dispute that the Corporate Debtor had vide email dated 22.07.2015 intimated the Operational Creditor to deploy adequate manpower since no manpower was deployed at the site on and from 14.07.2015. However, it is apparent from the records that even after 22.07.2015, the bills raised were signed and acknowledged, it is also clear from the document that after the abovesaid date, the payments were also made on several occasions. 11. It is evident from the record that the Operational Creditor has been persistently demanding for his dues to be paid however, no reply or objection was made or raised by the Corporate Debtor on the prior occasions of demand by the Operational ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... solvency & Bankruptcy Code, 2016 prohibits the following: a) The institution of suits or continuation of pending suits or proceedings against the Corporate Debtor including execution of any judgment, decree or order in any court of law, tribunal, arbitration panel or other authority; b) Transferring, encumbering, alienating or disposing of by the Corporate Debtor any of its assets or any legal right or beneficial interest therein; c) Any action to foreclose, recover or enforce any security interest created by the Corporate Debtor in respect of its property including any action under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (54 of 2002); d) The recovery of any property by an owner or lessor where such property is occupied by or in the possession of the corporate debtor. v) The services rendered to the corporate debtor as may be specified shall not be terminated, suspended, or interrupted during the moratorium period. vi) The provisions of sub-section (1) shall not apply to such transactions as may be notified by the Central Government in consultation with any financial sector regulator. vii) The order of m ..... X X X X Extracts X X X X X X X X Extracts X X X X
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