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TMI Blog2018 (7) TMI 2234X X X X Extracts X X X X X X X X Extracts X X X X ..... lvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 (hereinafter as Rules) in the capacity of "Operational Creditor" on 05.07.2017 by invoking the provisions of Section 9 of the Code. 2. In the requisite Form, under the Head "Particulars of Corporate Debtor" the description of the debtor is stated as, "M/s. Eastern Ceramics Limited' (hereinafter as Debtor) having registered address at, 9th Floor, Vaibhav Chambers, Opp. Income Tax Offices, BKC, Bandra (E), Mumbai, Maharashtra - 400051. 3. Further under the Head "Particulars of Operational Debt" the total amount in default is stated as, Principal Amount of Rs. 25,00,000/- and further interest amount of Rs. 2 21,81,875/- at the rate of 24 % p.a. In total the Operational ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... /Application. 5.3. It is further submitted that, the Debtor has always neglected in making the payment to the Operational Creditor and hence, the Operational Creditor has issued a Notice on 12.04.2016 demanding his outstanding amount. Copy of the said notice is annexed with the Petition/ Application. 5.4. It is further submitted that, inspite of the above-said legal notice the Debtor has again neglected in making the payment hence, feeling aggrieved, the Operational Creditor has issued a Demand Notice on 31.05.2017 as per the provisions of the S. 8 of the Code. Copy of the same is annexed with the Petition/Application. 5.5. It is further submitted that, the Debtor has received the said Demand Notice on 01.06.2017 but thereafter the De ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he copy of the Ledger Account is annexed with the Reply of the Debtor. 6.5. Further that, after Jan. 2011 the Debtor had discontinued the services of the Operational Creditor. 6.6. It is further submitted that, around Jan. 2012 the Operational Creditor had again approached to the Debtor and thereafter he had again provided his services to the Debtor upto month of Feb. 2014. 6.7. It is further submitted that, in Feb. 2014, when the Operational Creditor had left the office, Chairman of the Debtor itself gave the Cheque, to the Operational Creditor. amounting to Rs. 3.60,000/- after deduction of Rs. 40,000 as TDS which comes to amount of Rs. 4.00,000/- as full and final settlement of the professional fee of the Operational Creditor. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ce, by which the Operational Creditor has appeared before Court of Law on behalf of Debtor. 7.4. That, the Operational Creditor has neither proven that the Cheque issued by the Chairman of Debtor is not encashed by the Operational Creditor nor has proven that the said receipt is not signed by the Operational Creditor. The Operational Creditor has merely denied the said fact in his Rejoinder. 7.5. That, we have also carefully perused the copy of Ledger Account provided by the Debtor and noticed that the fixed Professional Fee had been deposited with the Bank Account of the Operational Creditor on monthly basis from Aug. 2005 to Jan. 2011. But herein also the Operational Creditor has failed to prove that the said professional fee had ..... X X X X Extracts X X X X X X X X Extracts X X X X
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