PCI LIMITED Vs. ASHIMORI INDIA (P) LIMITED

JUDGEMENT

(1.) This is an application filed by the applicant under the provisions of Insolvency & Bankruptcy Code, 2016 (for sake of brevity IBC, 2016) claiming to be an Operational Creditor against the Respondent/Corporate Debtor on the basis that a sum of Rs. 20,50,385/- is due and outstanding payable and is in default and under the circumstances, the Corporate Insolvency Resolution Process (CIRP) is required to be initiated.

(2.) The above matter was listed on 23.8.2017 and during the course of hearing, directions were given to the petitioner to comply with the provisions of Section 9(3)(c) of IBC, 2016. For this purpose, a week's time was also granted. In the meanwhile, from order dated 05.9.2017, it is evident that the respondent Company had duly entered its appearance through its Counsel and a reply has also been filed, to which, the petitioner has also submitted its rejoinder. Perusal of the reply shows that the following contentions are being put forward by negating the claim as well as in relation to the maintainability of the Company Petition:

(3.) On the part of the petitioner, a rejoinder has been filed reiterating the contents of the petition and also stating that the applicant/petitioner has nothing to do with the Rajasthan Renewable Energy Corporation Limited nor for that matter in relation to the promised subsidy which is sought to be projected as ground for the denial of payment due to the petitioner.