M/s. Nuvoco Vistas Corporation Limited vs M/s. Ambojini Property Developers Private Limited

Per: B. S.V. PRAKASH KUMAR, MEMBER (JUDICIAL)

It is a Company Petition filed by the Operational Creditor u/s.9 of the Insolvency and Bankruptcy Code, 2016 ("the Code") for initiation of Corporate Insolvency and Resolution Process ("CIRP") on the ground the Corporate Debtor defaulted in paying principal amount of ₹34,07,492 and interest of ₹18,09,558 together amounting to ₹52,17,050 as on 20.06.2018.

On perusal of this Company Petition, it appears that the Corporate Debtor placed Purchase Order upon the Operational Creditor on 16.10.2015 for supply of ready mix concrete.

In pursuance thereof, the Operational Creditor supplied ready mix concrete and simultaneously raised various invoices during the period in between 13.01.2016 to 11.04.2016. The invoices raised by the Operational Creditor are as follows:

Subsequent thereto, when the Operational Creditor demanded for payment based on the invoices raised, the Corporate Debtor confirmed the balance payable to the Operational Creditor as on 03.01.2017 is ₹34,07,492 ( principal amount) and interest aggregating to ₹18,09,558 @ 24% per annum from the due date of each invoice till 20.06.2018.

Thereafter, when payment has not come, this Operational Creditor issued Sec.8 notice to the Corporate Debtor on 18.10.2017 demanding for payment of principal amount along with interest as contemplated in the invoices raised against the Corporate Debtor (interest @ 24% per annum), since there was no reply from the Corporate Debtor to Sec.8 notice sent by the Operational Creditor, the Operational Creditor filed this proceeding before this Bench for initiation of CIRP.

The counsel has further stated that this Corporate Debtor paid ₹7,18,711 after the Operational Creditor has initiated these proceedings before this Bench.

In view thereof, the Corporate Debtor counsel has sought for deduction of the part payment of ₹7,18,711 from the claim amount appearing in the application.

The Corporate Debtor counsel who appeared in the morning seeking time is not present at the time of making submissions, however, since opportunity has been given and the Corporate Debtor counsel having already appeared and there being no defence from the Corporate Debtor side, we have taken up this matter for hearing today.

On hearing the submissions of the Operational Creditor counsel and there being no defence from the Corporate Debtor counsel either to Sec.8 notice or to the Petition filed before this Bench and moreover the Corporate Debtor counsel having made a part payment of ₹7,18,711 after filing this proceeding, we are of the considered view that the Operational Creditor has proved existence of debt as well as default.

Since the Corporate Debtor has made part payment, the IRP is hereby directed to determine the claim of the Operational Creditor after deducting the part payment made by him after filing this Company Petition.

In view thereof, we hereby admit this Company Petition, by appointing Mr. Dr. L Natarajan as IRP with the directions as follows.

Accordingly this petition is hereby admitted.

The Registry is hereby directed to immediately communicate this order to the Operational Creditor, the Corporate Debtor and the Interim Resolution Professional by way of e-mail.