Existence of a pre-existing dispute negates the operational creditor's claim for initiating CIRP under Section 9 of the IBC.

ORDER

(Heard through Hybrid)

This Petition has been filed under Section 9 of the Insolvency and Bankruptcy code, 2016 (“IBC”) read with Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016) by Srinivasan Associates Private Limited (SAPL)., (hereinafter referred to as ‘Operational Creditor’) against Akshaya Private Limited (hereinafter referred to as ‘Corporate Debtor’) seeking following reliefs

a) Allow the present petition and appoint the interim resolution professional;

b) Approve the resolution plan submitted by the Interim resolution professional before this Hon’ble Tribunal with the consent of the operational creditor and direct the payment of all outstanding debt due to the operational creditor by the corporate debtor company accordingly;

c) Pass an order directing that the corporate debtor company to be liquidated in the manner as laid down in the code;

d) Appoint the Interim Resolution professional or any other person deemed fit as liquidator for the purposes of liquidation of the corporate debtor company;

e) Pass an order directing the distribution of the assets of the corporate debtor company between the creditors of the corporate debtor company in such manner and within such period as specified;

f) Pass an order directing the dissolution of the corporate debtor company;

g) Pass an order awarding the cost of the present petition to the operational creditor;

h) Pass any other as this Hon’ble Tribunal may deem fit in the facts and circumstances of the present case.

2. Part I of the Petition sets out the details of the operational creditor Viz., Srinivasan Associates Private Limited., CIN No: U45201TZ2006PTC012533, having its office at No. 14/2 &4, Avinashi Road, Opp. Tirupur Textiles, Peelamedu, Coimbatore – 641 004.

3. Part II of the Petition sets out the details of the Corporate Debtor Viz., Akshaya Private Limited, incorporated on 14.12.1998, having its registered office at 7th floor,117/1,LB Road, Adyar, Chennai- 600 020.

4. In Part III of the Petition the Operational Creditor has not proposed the name of the Interim Resolution Professional.

5. Part IV of the Petition provides the particulars of the operational Debt as Rs.2,64,59,106/- (Two Crore Sixty Four Lakhs Fifty Nine Thousand One Hundred and Six Only) which is inclusive of Interest and the date of default is 22.01.2022.

6. Part V of the Petition describes the particulars of the Operational Debt, documents, records and evidence of the default as below:

a) Work order dated 12.03.2014

b) Contract agreement dated 02.04.2014.

c) Revised work order dated 02.04.2014

d) Letter dated 20.03.2021 from operational creditor to the corporate debtor.

e) E-mail Communication dated 28.09.2021 & 05.10.2021.

f) Final Bill dated 02.10.2021 raised by operational creditor.

g) Final Tax E- Invoice dated 22.01.2022 h) Reminder E-mail dated 06.02.2023 i) Email Communication dated 13.02.2023 & 20.03.2023.

j) Form 3 Demand Notice dated 24.07.2023 under section 8 of I & B code, 2016 along with the proof of delivery.

k) Reply letter dated 04.08.2023 addressed by the corporate debtor. l) Ledger extract of the running accounts of the corporate debtor from 08.01.2020 to 11.09.2020.

m)Statement of Interest computation.

7. SUBMISSIONS OF THE PETITIONER :

(i) The applicant submits that Srinivasan Associates Private Limited (herein after referred to as SAPL) was incorporated on 02.02.2006 under companies Act,1956 and provides Civil Engineering and construction services.

(ii) The applicant submits that on March 2014, Respondent namely., Akshaya Private Limited has approached the applicant/ SAPL for construction of commercial and residential apartments complex namely “TANGO” which is situated at Thoripakkam, Chennai – 600 096.

(iii) The applicant submits th