- (1.) This petition has been filed under Section 9 of Insolvency and Bankruptcy Code, 2016, (hereinafter referred to as Code) praying for initiating Corporate Insolvency Resolution process against the Respondent/Corporate Debtor.
(2.) As per averments, the petitioner claims to be an Operational Creditor having been awarded an order for carrying out civil work including plumping, electrical, fire fighting work and other renovations at the respondent's premises to be run as a restaurant under the name and style of Chilis, a premises taken on lease by the Corporate Debtor on the 3rd Floor in the DLF Mall of India, NOIDA. The value of the work awarded was Rs. 95 lakhs. All designs and other specifications were mentioned in the tender document and subject to the acceptance of the terms and conditions, the said contract was given to the petitioner. It is submitted by the petitioner/Operational Creditor that the value of work done increased to Rs. 1,44,86,564/-, due to changes in the specifications and additional work to be carried out. The operational creditor claims that in view of the delay in receiving due permissions/drawings etc., from the Corporate Debtor, they could only complete the job work and hand over the property on 19.03.2016. All snags pointed out by the Corporate Debtor had been duly removed and attended to by the Operational creditor, pursuant to which a final bill dated 17.08.2016 was submitted for payment of the balance amount of Rs. 88,87,502/-. The Operational Creditor has also relied upon the Corporate Debtor's agent "M/s. Cushman & Wakefield" certifying the handing over of the premises and the final bill raised for the work done. As the said amount remained unpaid, demand notice in Form III accompanied by invoices was sent to the corporate debtor, which was duly served on the Corporate Debtor, but which remains unreplied.
(3.) The operational creditor has filed the present petition in the form and format envisaged under the code and has complied with the requirements of Section 9(3), (a), (b), (c). Affidavit in terms of Section 9(3)(b) of the Code deposing that no dispute has been raised, and no suit or arbitration proceeding is pending in any court of law is also on record. The operational creditor has also filed a statement of account from their bankers evidencing non receipt of the amount claimed from the corporate debtor, as well as a certificate issued by their bankers to this effect.;