ORDER

Under Adjudication is an Application filed by Liquidator, Vichitra Narayan Pathak of ‚Laxmipati balaji infra private limited” (hereinafter referred to as ‘Operational Creditor‛) under Section 9 of the Insolvency & Bankruptcy Code 2016 (in short, ‘IBC 2016’) r/w Rule 6 of the Insolvency & Bankruptcy (Application to Adjudicating Authority) Rules, 2016 against ‚Ramalingam construction company private limited ‚(hereinafter referred to as ‘Corporate Debtor’), to initiate the Corporate Insolvency Resolution Process against the Corporate Debtor, declare a moratorium and appoint Interim Resolution Professional.

2. Part I of the Application sets out the details of the Applicant which states that the Operational Creditor is under Liquidation. Part-II of the Application states that the Corporate Debtor is a Private Limited Company and the registered office of the Corporate Debtor as per the Application is stated to be situated at NR Tower, no 175/2, south state bank Chettipalayam Erode TN 638002.In Part III of the Application, the Operational Creditor has not proposed the name of the IRP and left it to the discretion of this Tribunal to appoint the IRP.

3. In Part IV of the Application, the Operational Creditor has claimed a total sum of Rs.1,31,96,694/-/- (Rupees one Crore Thirty-one Lakhs ninety-six thousand six hundred and ninety-four only) as the default amount which is due and payable by the Corporate Debtor.

4. FACTS OF THE CASE

4.1 Operational creditor is under CIRP vide order dated 07.06.2019 in CP(IB) No 351 (MP)/2018 at NCLT, Indore bench at Ahmedabad, and the Applicant was appointed as the Resolution Professional of the corporate debtor vide order dated 13.08.2021. vide order dated 29.09.2020 Liquidation was ordered.

4.2 Operational Creditor and Corporate Debtor had entered into Agreement dated 13.06.2015 for the Project Two Lane to Four Lanning of Yelahanka AP Border (SH-09) Road project (Improvement of Road from Yelahanka to Andhra Pradesh State Border of SH from Section-1 Four Lane, KM 13.800 to KM 38.259 and Section-II Two Lane, KM 39.525 to KM 53.190) which was later terminated by execution of a Termination-cum-Settlement Agreement dated 02.07.2017 ("Settlement Agreement") wherein the Corporate Debtor had to pay Rs.4 Crores to the Operational Creditor as full and final settlement.

4.3 Applicant demanded operational debt from the Corporate debtor through email dated 05.02.2020, 08.02.2020, 12.02.2020, 02.03.2020, 03.11.2020, 10.11.2020, 14.12.2020, 18.12.2020, 28.12.2020, 16.01.2021, 30.01.2021, 03.02.2021.

4.4 Corporate Debtor vide letter dated 04.02.2020 (sent vide email dated 05.02.2021) informed that the Applicant that out of Rs.4 Crores to be paid to the Operational creditor, Rs.2,68,03,306/- has been paid to the several parties/vendors engaged under the said Project and an amount of Rs. 1,31,96,964/- was only due and payable. The Corporate Debtor in the said letter/email stated that "who are entitled to receive the payment upon submission of relevant documents with RCCPL, supporting the payment" the payment will be made.

4.5 Corporate debtor vide e-mail dated 02.03.2020 contended that they were constrained to make the payment to the supplier who has filed a police complaint. In response, the applicant’s email/letter dated 02.03.2020 informed the Corporate Debtor that parties having any claim under the settlement Agreement should be directed by the Corporate Debtor to file their claim before the Applicant as the Operational Creditor was under CIRP.

4.6 Vide letter dated 28.01.2021 corporate debtor without disputing over the amount of Rs 1,31,96,694/- stated that amount to the parties will be paid who are submitting the necessary document.

4.7 Operational creditor issued Demand notice dated 01.03.2021 in Form 3 with the amount of default as Rs 1,31,96,694 (Rupees one crore thirty-one lakhs ninety-six thousand six hundred ninety-four only) and date of default as 04.09.2019. ( date of last payment made to vendor ‚Varishta Con