Balvinder Singh JUDGMENT
Balvinder Singh, Member (T)
1. The present appeal has been preferred by M/s. Kuntal Construction Pvt. Ltd. (hereinafter referred to as 'Operational Creditor') U/S. 61 of the Insolvency & Bankruptcy Code 2016 (hereinafter referred as 'I&B Code') challenging the impugned order dated 30th January 2020 passed in IB-49(ND)2019 by the National Company Law Tribunal, New Delhi Bench (hereinafter referred to as 'Adjudicating Authority') u/s. 9 of I&B Code, for the initiation of Corporate Insolvency Resolution Process against M/s. Bharat Hotels Ltd. (hereinafter referred to as 'Corporate Debtor') for the outstanding of amount of Rs. 14,89,966/-.
2. The brief facts of the case are that the Appellant is engaged in the business of civil works, carrying out structural work for all types of building and water & sewerage treatment plants renovation works besides other civil construction and has catered to a vast and diverse clientele all over India. The Corporate debtor approached the Operational Creditor for availing its services and work orders dated 04.10.2011 and 14.10.2013 were issued for Rs. 47,50,000/- and Rs. 2,07,00,000/- respectively. The averments were made by the operational creditor that it raised invoices and maintained a running account with the corporate debtor. Partial payments were received from the corporate debtor from time to time and post adjustment operational creditor is claiming that there is an outstanding liability of Rs. 14,89,967/- including retention amount of Rs. 6,74,247/- from the corporate debtor.
3. The Operational Creditor contended that the main issue arrived from the mutual settlement letter dated 07.10.2015. Below 5 bills, which are subject matter of settlement letter dated 07.10.2015 indicating Rs. 1,21,73,545/- are as under:-
It is noteworthy, that the Corporate Debtor has paid Rs. 18,67,489/- after 07-10-2015, by four transactions as per the terms and conditions of settlement letter dated 07-10-2015 but stopped from clearing the balance certified outstanding of Rs. 14,89,964/- without any reasons.
4. It is submitted that operational creditor on 28-11-2018 issued demand notice U/S. 8 of I&B Code against the Corporate Debtor raising the outstanding dues of Rs. 14,89,967/- including retention amount of Rs. 6,74,247/- due from Corporate Debtor and on 24.12.2018, the operational creditor filled the petition before the Adjudicating Authority for initiation of CIRP.
5. It is further submitted on behalf of the operational creditor that after hearing both the parties the Adjudicating Authority passed the interim order dated 30.04.2019 after recording the submission stated in the reply of the corporate debtor to pay the retention amount, which is as under:-
ORDER
"Though, there is no agreement over the reconciliation of the accounts, the parties are granted one day more to reconcile the same. Without prejudice to the rights and contentions raised by the corporate debtor in their reply, they are ready and willing to pay the retention amount. To come up for arguments and final disposal on 3rd May 2019"
The above Interim Order was not considered while delivering the final impugned Order dated 31.01.2020.
6. It is argued by the counsel for operational creditor that the impug........