Harihar Prakash Chaturvedi, Member - (1.) The operational creditor files the present application U/s. 9 of the Insolvency & Bankruptcy Code, 2016 and seeks to trigger Corporate Insolvency Resolution Process in respect of the corporate debtor company by admitting the petition and to appoint an IRP in terms of Section 16 of the I & B Code and further declare moratorium under Section 14 of the Code and further to cause a publication under Section 15 of the Code for announcement Corporate Insolvency Resolution Process in respect of the corporate debtor company by filing the present petition under the Code. The applicant/operational creditors have made such averments stated as under:- 1. That the corporate debtor company commits default in making payment of the operational debt due to the applicant; 2. That the applicants sent a demand notice in Form 3 of the Insolvency & Bankruptcy (Application to Adjudicating Authority) Rules, 2016 to the Corporate Debtor company demanding the payment of his operational debt as consultancy fee, but it remains still unpaid; 3. That no notice of existence of dispute has been received by the applicant (the operational creditor) from the corporate debtor company within stipulated period of ten days from the receipt of statutory demand notice; 4. Thus there has been no repayment to the applicant of his unpaid operational debt from the Corporate Debtor Company.
(2.) The applicant in the prescribed format of the present application made such averments that the total amount due towards operational debts is Rs. 38 Crores (as per the column 1 part 4 of the application) and the corporate debtor company is liable to make payment to the applicant for a sum of Rs. 59,20,49,559/- (Rupees Fifty-Nine Crores Twenty Lakhs Forty-Nine Thousand Five Hundred and Fifty-Nine only). In the part 5 column 6 of the present application. The petitioner has stated such that the amount due as a final settlement payment alongwith other direct and indirect taxes as per the terms of clause 2 read with schedule A as per the Final Settlement & Consultancy Agreement dated 15th March, 2016, entered among the parties.
(3.) Thus, the applicant has now sought a prayer for triggering the insolvency process in respect of the corporate debtor company. He placed reliance on the above referred final settlement & consultancy agreement dated 15th March, 2016 being a tripartite agreement entered among the parties i.e. the operational creditor with M/s. Isolux Corsan India Engineering and Construction Pvt. Ltd. the original Contractor and further with the present corporate debtor company. Thus, he made a claim for an amount in default for sum of Rs. 59,20,49,559/- excluding the interest accrued thereon. In support of his contention, the applicant annexed a copy of the demand notice dated 21st December, 2016 (alongwith the present application) issued to the corporate debtor company and stated that he did not receive any such amount from the corporate debtor towards payments of his dues under the above referred final settlement & consultancy agreement. The operational creditor has further enclosed with the present applicant a copy of the statement of the Bank account as an evidence of non-receipt of any such payment from the corporate debtor company due under above stated final settlement agreement.;