Page 172 - IBC Orders us 7-CA Mukesh Mohan

Order Passed by Sec 7
Hon’ble NCLT Principal Bench
1. Monthly remuneration due 40,50,000/-

2. 2% of the profit (Rs. 4,82,16,196/- 9,64,324/-
as on 31.03.2016)

3. Interest @ 18% per annum 3,87,649/-

Total 54,01,973/-

6. The total amount of debt claimed by the 'Operational Creditor' is Rs. 51 ,01,973/- in respect of all such
bill mentioned in the aforesaid table.

7. The 'Operational Creditor' had sent a demand notice in respect of unpaid 'operational debt' which is
dated 20.03.2017. The demand notice has been duly served as per the admission of the Corporate Debtor.
A copy of the demand notice and postal receipt. have also been placed on record (Annexure-3).

8. The 'Operational Creditor' has proposed the name of Mr. Deepak Arora, 23 Ka 4, Jyoti Nagar, Near
Vidhan Sabha, Jaipur-302005. His registration number is IBBI/IPA-IP/00032/2016-17/1049. A written

communication dated 27.04.2017 in terms of Rule 9(1) of the Insolvency and Bankruptcy (Application to
Adjudicating Authority) Rules, 2016 has also been placed on record (Annexure-6). There are necessary

disclosures made by Mr. Deepak Arora as per the requirement of the IBBI Regulations. Accordingly, he
satisfies the requirement of Section 7 (3) (b) of the Code.

9. The 'Corporate Debtor' after service appeared before this Tribunal and filed the short affidavit in reply
to the petition alongwith a copy of the reply (Annexure-I) dated 29.04.2017 to the demand notice sent by
the Operational Creditor. The Corporate Debtor has averred that the communication of demand notice

(Annexure-3) sent by the Operational Creditor cannot be said to be a valid demand notice under Section
8 of the Code, 2016. Further the status of the Operational Creditor is also questioned by the Corporate
Debtor asserting that no operational debt is owed to Operational Creditor. The Corporate Debtor has

placed reliance on Clause 5(e) of the Consultancy Agreement which is to the effect that Corporate
Debtor would be under obligation to make a payment only in respect of monthly invoice `duly approved
by the Managing Director of the Corporate Debtor and since none of the invoices as described by the

Operational Debtor have been duly approved by the Managing Director of the Corporate Debtor, no
obligation is cast on the Corporate Debtor to make any payment to the Operational Creditor. Moreover,

Corporate Debtor also raised dispute by asserting that no service has been taken by him nor any services
been provided by the Operational Creditor for the period to which the invoices relate.

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