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TMI Blog2021 (1) TMI 444X X X X Extracts X X X X X X X X Extracts X X X X ..... ted on the Respondents till date and resultantly none appears for the Respondents. And the notices sent through Registry of the Tribunal returned un-served. The Petitioner also failed to serve notices on the Respondent till date. The Respondent has broadly admitted the debt in question, though they have raised dispute by way of its Reply. In order to consider for admission of a case filed under the provisions of Code, it is necessary to establish not only debt and default in question but also Corporate Debtor has become insolvent by virtue of its financial position. However, the Petitioner, even not pleaded that the Corporate Debtor has become insolvent except pleading that the Respondent failed to pay their outstanding dues. However, th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ing to initiate Corporate Insolvency Resolution Process (CIRP) in respect of M/s. Umaiyal Enterprises Services Private Limited (Respondent/Corporate Debtor), on the ground that it has committed default for total amount of ₹ 17,87,141/- (Rupees Seventeen Lakhs Eighty Seven Thousand One Hundred and Forty One only) which includes principal amount and interest @ 18% p.a. 2. Brief facts of the case, which are relevant to the issue in question, are as follows: (1) M/s. Famous Innovations Digital Creative Private Limited (herein after referred to as Petitioner/Operational Creditor ) is a Private Limited Company was incorporated on 21.02.2013, bearing CIN: U93000MH2013FTC240679. The Company is engaged in the business of providing serv ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... at the Corporate Debtor never disputed the services provided by it. (5) Accordingly, the Operational Creditor raised various invoices till March, 2019 on the Corporate Debtor. Since the Corporate Debtor failed to make the payment even after various reminders, the Operational Creditor issued Demand Notice in Form 3 on 08.08.2019, as per the provisions of the Code, demanding an amount of ₹ 17,87,141/- along with interest of ₹ 2,04,155/- at the rate of 18% p.a., as on 25th November, 2019. Thereafter, on 29.08.2019, the Corporate Debtor replied to the notice sent by the Operational Creditor, under the provisions of the Code. In response to this, on 30.09.2019, the Operational Creditor sent a reply denying the allegations made b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... by virtue of its financial position. However, the Petitioner, even not pleaded that the Corporate Debtor has become insolvent except pleading that the Respondent failed to pay their outstanding dues. However, the Petitioner plead with the Respondent to clear their outstanding amount as they are small entrepreneurs and fulfilled their commitment to their staff. The Petitioner could not service notice on the Respondent even though sufficient time was granted to it. Therefore, instead of keeping it pending on the file of this Tribunal for service of notice and to furnish financial status of Corporate Debtor, it would be just and proper to dispose of the instant Company Petition with a direction to the Respondent to settle the issue, instead o ..... X X X X Extracts X X X X X X X X Extracts X X X X
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