- (1.) The Petitioner has claimed to be an Operational Creditor and has prayed for initiation of Corporate Insolvency Resolution Process of the Respondent/Corporate Debtor for non-payment of its dues. The said application which has been filed in the required format has been instituted through its Director Shri Sarish Saxena, duly authorized under the Board Resolution dated 25.08.2017.
(2.) The facts of the case are that the Operational Creditor is engaged in the business of interior designing and finishing of Commercial and Corporate Offices. In the month of April 2015, they were approached by the Respondent company to get the interior fit outs, firefighting and plumbing work done at their new Corporate office situated at Aerocity, Mahipalpur, New Delhi. The said premises was taken on lease in which the office of the Corporate Debtor had to shift. After a letter of intent was issued by the Corporate Debtor and on acceptance of the terms and conditions, the Operational Creditor undertook to execute the contract for Rs. 1,84,01,235/-. A work order dated 06.07.2015 for Rs. 1,84,87,889/- was issued and a purchase order dated 15.06.2015 was issued for the interior fit outs. It is averred that the running bills were to be verified and approved within 10 days of submission and payments made soon thereafter. Time was also an essence of the contract and the Operational creditor was required to hand over the finished premises within a specified period.
(3.) It is further submitted that the Operational Creditor issued 4 running bills which were duly acknowledged and approved for and on behalf of the Corporate Debtor. The total bill of Rs. 2,76,28,295/- was raised against which after striking out certain amounts, was certified and approved by the Corporate Debtor's architect for payment of Rs. 2,53,68,126/-. It is stated that the petitioner continued to finish the project even though their bill of Rs. 22,60,169/- had been rejected for the extra work done by them.;