9911796707
TMI Blog2022 (1) TMI 1236X X X X Extracts X X X X X X X X Extracts X X X X ..... brevity 'the Rules') with a prayer for initiation of Corporate Insolvency Resolution Process in respect of respondent company, claimed to be the corporate debtor. 2. The applicant, Durgesh Kumar Sharma has filed the present application claiming as the operational creditor with the prayer for initiation of Corporate Insolvency Resolution Process under the provisions of the Code. 3. The details of transactions leading to the filing of this petition as averred by the petitioner are as follows: a. That the Operational creditor is the proprietor of M/s Salasar Builders and is engaged in the business of supply of various materials and civil works including digging of earth, M-Sand Truck, stone, water tankers, cement bags and labour supply. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... mpetent authority. c. The operational creditor started the work also and sourced certain materials at the site and raised one invoice bearing No. 104 dated 30.04.2019. d. The Corporate Debtor had all good intentions to return the said raised invoice but could not do it because of the fact that the architect failed to prepare the building plan and submit it to the competent authority for the approval of the same. As no building plan could be prepared and approved, the various prospective buyers who were showing interest and also the financers who promised to fund the project subsequently back tracked. Therefore, the Corporate Debtor, in the absence of requisite funds, could not pursue the project further and the entire plan became stand ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... respondent under CIRP. These all act and omissions on the part of the applicant and respondent clearly shows that there is an active collusion between them to defraud the other creditors and to facilitate the respondent to enjoy the rigors of the IBC Code. Further, had there been any genuine admission on the part of the respondent, respondent might have paid the disputed amount despite the fact the said petition is pending before this Tribunal year and alleged amount is only of one lac. It is a well settled principle of law that NCLT can't be allowed to be played at the hands of the unscrupulous parties. In sequel of the above stated facts and circumstances, this tribunal is of affirm view that the present petitioner failed to establish on ..... X X X X Extracts X X X X X X X X Extracts X X X X
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