B.S.V. Prakash Kumar, Member - (1.) Cp 593/2017 It is a Company Petition filed u/s. 9 of The Insolvency and Bankruptcy Code, 2016 against the Corporate Debtor, namely Pan Card Clubs Ltd. on the ground since this Corporate Debtor defaulted in making payment of Rs. 6,25,42,007.04, this petitioner, namely M/s. Shobha Limited sought for initiation of Insolvency Resolution Process against this Corporate Debtor. Brief facts of the case: 1. It is a case of the Operational Creditor that this Operational Creditor entered into an Agreement dated 1.11.2012 with the Corporate Debtor agreeing for RCC construction of additional three floors and extension of the existing floors and allied development work at its club at Baner known as Pan Card Club Ltd., Baner, for a contract price of Rs. 10,81,31,099. Thereafter, further Agreements have been entered into 18.12.2013, 18.3.2013, 30.4.2013, 19.6.2013, 23.9.2013 to do projects at Baner as well as in Durgapur West Bengal, since construction had been taken up, the Operational Creditor, in terms of the Agreement entered into, raised invoices on the Corporate Debtor from time to time as regards both the projects.
(2.) When the Corporate Debtor fails to make payments, as per Clause 6.2 of the General Conditions of the Contract (GCC) in respect to Pune project, the amount admissible will become due after 15th working day on the day of presentation of each bill by the contractor to the engineer. In respect to civil works in West Bengal project as per Clause 2 of the GCC, the payments for 70% of the total amount claimed in invoices will become due after 15 days of the presentation of the bill and for the balance 30% certified amount will become due after 10 days after submission of each individual invoice. As per Clause 2 of GCC, for the electrical and plumbing contract in West Bengal, 65% of payments will become due upon supply of materials, 20% will become due on successful installation at site and 10% will become due on successful commissioning and remaining 5% after handing over of the project. The invoices that have not been paid for the project in Pune are produced along with this Petition as Annexure 11A, the invoices, for which payment have not been done for the project in West Bengal, are produced collectively as Annexure 11B.
(3.) On 29.6.2016, this Corporate Debtor admitted the debt of Rs. 1,26,91,809 and 73,24,160 aggregating to Rs. 2,00,15,969 as regards work at Baner, Pune by endorsing the ledger extracts and furnishing the same to the Operational Creditor. Since payment has not been made, on 11.8.2016, the Operational Creditor issued notice u/s. 434 of the Companies Act, 1956 for the work done at Baner, Pune, on which, the Corporate Debtor on 29.6.2016 admitted and acknowledged the debt as Rs. 2,84,48,027. As regards work at Durgapur, West Bengal, the debtor endorsed the ledger extracts admitting the debt. When no payment was made as regards the second project also, the Operational Creditor, on 16.8.2016, issued another notice u/s. 434 of the Companies Act, 1956 in respect of work at Durgapur, West Bengal.;