B.S.V. Prakash Kumar, Member - (1.) The Company Petition originally filed u/s. 433(e) and 434 of the Companies Act against the Corporate Debtor before the Hon'ble High Court of Bombay for winding up of this debtor company on the ground that this debtor company namely; Latur Integrated Textile Park Pvt. Ltd. defaulted in making repayment of Rs.2,82,54,479.93. Thereafter, when winding up matters under 433(e) of the Act 1956, owing to jurisdictional change, transferred to NCLT to this NCLT Bench, in view of jurisdictional change, this Petitioner presently filed Form 5 u/s. 9 of the Insolvency and Bankruptcy Code for initiation of Corporate Insolvency Resolution Process against this Corporate Debtor, hence this Petition.
(2.) While going through the facts of this case, it appears that this Petitioner received Work Order dated 11.06.2011 for construction work of garment and other auxiliary building situated at D-68, Additional Industrial Area, MIDC, Latur, and the nominal value of the said contract was of Rs.13,72,76,901, and the same was increased up to an amount of Rs.16,09,84,772.88 till the running bill No. 19 issued by the Petitioner. To prove that service had been rendered by the Petitioner to the Corporate Debtor and also to show that Corporate Debtor made payments to the Petitioner, the petitioner filed a certificate of payment letter dated 28.2.2011 given by one Technopark Advisors Pvt. Ltd. purportedly an Advisor to the debtor requesting the debtor company to pay Rs.14,03,157 against RA Bill No. 19 to the petitioner. The Petitioner further states that the aforesaid contract amount Rs.15,60,01,416.77 was excluding Service Tax and Maharashtra VAT. He further states that since the debtor further asked to do additional work, that was also done by the Petitioner, in pursuance of it, two bills were raised for a sum of Rs.23,32,971 and Rs.61,80,917.83. The petitioner says that these two aforesaid bills were certified by one S.N. Todi, the Commercial Advisor and authorized signatory to the Corporate Debtor Company.
(3.) Collating the petitioner claim, the Petitioner stated that entire amount to receive was Rs.17,87,49,632.98, out of which, the Corporate Debtor having made payment of Rs.15,04,95,153.05, the net amount payable as on 16.09.2016 by the Corporate Debtor came down to Rs.2,82,54,479.93, Though the Work Order and Invoices raised in between 2009 and Feb 2011, the Petitioner filed some documents issued by a person namely Mr. S.N. Todi showing a company called Bombay Rayon Fashion Ltd. made payment of Rs.1,50,000 in Bank Account maintained by the Creditor on 13.11.2015 to show that this payment was made by this third party on the corporate debtor behalf, therefore this part payment made by this third party saved the limitation in respect to the claim of Rs.2,82,54,479.93 along with interest @ 18% per annum.;