M.M. Kumar, President - (1.) This is an application filed under Section 9 of the Insolvency and Bankruptcy Code, 2016 (for brevity 'the Code') read with Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016. The petitioner claims that it is an 'Operational Creditor' and the respondent is a 'Corporate Debtor'.
(2.) The Corporate Debtor 'M/s. Kanak Resource Management Limited' has been incorporated on 26.11.2017. Its CIN number is U74140DL2007PLC170750. Its authorized share capital is 15,00,00,000/- and paid up share capital is Rs. 12,85,80,000/-and it is based at 4th Floor, Gopal Das Bhawan, 28 Barakhamba Road, New Delhi-110001.
(3.) The case of the 'Operational Creditor' is that it has entered into a Consultancy Agreement with 'Corporate Debtor' on 01.07.2015 for a period of three years which is valid upto 30.06.2018. It is for providing management consultancy services to 'Corporate Debtor'. As per the terms of the aforesaid consultancy agreement, 'Operational Creditor' has provided the services to the 'Corporate Debtor'. A copy of the consultancy agreement has been placed on record (Annexure-1). Pursuant to clause 5 of the aforesaid consultancy agreement, 'Corporate Debtor' has agreed to pay the 'Operational Creditor' remuneration against, the consultancy services which reads as under:- "3.1 The compensation of Rs. 54,00,000/- per annum to be broken down into a monthly payment of Rs. 4,50,000/- per month. 3.2 Performance related pay limited to 2% (two percent) of the profit after tax at the end of the financial year." In addition to above 'Operational Creditor' is also entitled to get the benefits under the Group Insurance Scheme of the Company. As per the terms set out in the aforesaid agreement, 'Operational Creditor' raised timely bills on monthly basis for the management consultancy services, which 'Corporate Debtor' never disputed. As per the 'Operational Creditor' till 30.05.2016 payment was made by the 'Corporate Debtor' but thereafter 'Corporate Debtor' failed to make the payment.;