COURT-V, MUMBAI BENCH

IN THE MATTER OF

M/S. Action Construction Equipment Ltd

Vs

M/S. Capacite Infra Project Ltd

Section 9 of the Insolvency & Bankruptcy Code, 2016

Order Delivered on 05.04.2024

CORAM:

MS. REETA KOHLI MS. MADHU SINHA

MEMBER (J) MEMBER (T)

Appearance through VC/Physical/Hybrid Mode:

For the Petitioner:

For the Respondent:

________________________________________________________________

ORDER

Vide order dated 02.07.2020, the company petition is wrongly listed on board.

Sd/- Sd/-

MADHU SINHA REETA KOHLI

Member (Technical) Member (Judicial)

Shubham

COURT NO. 5, MUMBAI BENCH Under Section 9 of the Insolvency and Bankruptcy Code, 2016 In the matter of M/s. Action Construction Equipment Limited Dudhola Link Road, Dudhola, Palwal, Faridabad-121102 (Haryana)

…Petitioner v/s.

M/s. Capacit’e Infra Project Limited

605-607, Shrikant Chambers, Phase-I, 6^th Floor, Adjacent to R. K. Studios, Sion- Trombay Road, Mumbai-400071, Maharashtra, India … Corporate Debtor Order delivered on: 02.07.2020 Coram:

Hon’ble Smt. Suchitra Kanuparthi, Member (Judicial) Hon’ble Shri. V. Nallasenapathy, Member (Technical)

For the Petitioner: Mr. Kunal Chhada, Advocate.

For the Respondent: Mr. Shyam Kapadia, Advocate, Mr. Dhruva Gandhi, Advocate a/w Mr. Vaibhav Warerkar, Advocate and Ms. Maherfrin Mehta, Advocate, i/b M. Mulla Associate.

Per: V. Nallasenapathy, Member (Technical)

ORDER

1. This Company Petition is filed by Action Construction Equipment Limited (hereinafter called “Petitioner”) against Capacit’e Infra Project Limited (hereinafter called “Corporate Debtor”) under section 9 of the Insolvency and Bankruptcy Code, 2016 (hereinafter called “Code”) read with rule 6 of the Insolvency and Bankruptcy Board of India (Application to Adjudicating Authority) Rules, 2016 (“Rules”) alleging that the Corporate Debtor defaulted in making payment to the extent of Rs. 1,00,22,471/- including interest @ 18%p.a. on the defaulted amount.

2. The Petition reveals that the claim amount consists of two portions, one for the sale of machinery to the extent of Rs. 77,52,435/- and Rs. 18,95,326/- towards interest on the delay in payment of the above said sum, totaling Rs. 96,47,761/-. The followings are the details of calculation for this portion of the claim:

3. The second portion of the claim relates to the rental payable by the Corporate Debtor for hiring of machinery from the Petitioner and the details are as below:

4. The Petitioner submits that a demand notice was sent by the Petitioner through his advocate to the Corporate Debtor on 03.06.2019 in Form-3 demanding the above said dues receivable from the Corporate Debtor to the extent of Rs. 1,00,22,471/- enclosing the working computation of default with interest wherein invoice details were given (Annexure A/1), copies of purchase/ work orders (Annexure A/2), statement of account for the period from 30.01.2013 to 31.01.2019 and 02.03.2017 to 02.02.2019 for the 1^st and 2^nd portion of the claim respectively (Annexure A/3).

5. The Corporate Debtor sent a reply through its advocate on 24.06.2019 raising the following contentions:

I. There is no outstanding debt of Rs. 1,00,22,470/- as claimed in the Petition and hence there is no operational debt due from the Corporate Debtor to the Petitioner.

II. The payment for the invoices claimed in the Petition were already made and there is no outstanding debt as claimed in the Petition.

III. Certain disputes in respect of cranes supplied for Malad Project were raised, wherein there was a failure of weld in the crane erected by the Petitioner on 10.02.2014 which led to a loss of 10 working days and the Corporate Debtor suffered financial loss as below:

a. dismantling charges and re-erection charges Rs. 24 Lac b. consequential damages due to stoppage of work c. Idling of other equipment i) Placer boom Rs. 95,000.00 ii) concrete pumps Rs. 88,333.33 iii) Passenger hoists Rs. 60,000.00 iv) Air compressor Rs. 4,666.66 v) Aluminum Formwork Rs. 20,3,333.33 vi) Staff Rs. 7 Lacs-Payroll vii) Support Staff Rs. 4