RENISH PETROCHEM FZE Vs. ARDOR GLOBAL PVT LTD

JUDGEMENT

(1.) Authorised Signatory of Renish Petrochem FZF filed this Petition under Section 9 of The Insolvency and Bankruptcy Code, 2016 [hereinafter referred to as "the Code"] read with Rule 6 of The Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 [hereinafter referred to as "the Adjudicating Rules"], seeking reliefs under Section 9 of the Code.

(2.) It is the case of the Applicant that it had supplied various materials from time to time to Ardor International Limited and the outstanding amount from Ardor International Limited is Rs. 15,35,40,909.49 ps. It is also the case of the Applicant that Applicant agreed to supply goods to Ardor International Limited on a condition that the payment of all and any sums of monies due and payable by Ardor International Limited shall at all times be guaranteed by Ardor Global Private Limited, its Associate Entity. It is also stated that pursuant to the said understanding a Deed of Guarantee dated 1st September, 2014 between Applicant Company and Respondent Company was entered into whereby Respondent company unconditionally and irrevocably guaranteed as Principal Obligator to make entire payment to the Applicant which is due and payable by Ardor International Limited from time to time. It is stated that Applicant issued notice dated 15th November, 2016 to the Respondent. In response to the said notice, Authorised Signatory of Respondent Company issued a Reply dated 4.12.2016 acknowledging the claim made by the applicant in respect of supply of goods to Ardor International Limited on the basis of Deed of Guarantee dated 1st September, 2014. In the said Reply, Respondent Company requested time to clear the dues.

(3.) Applicant issued notice as required by Rule 5 of the Adjudicating Rules to the Respondent Company on the same day by hand and endorsement of the same was made by the Respondent on the notice. Thereafter on 31st May, 2017, this Petition is filed by the Applicant.