V. Nallasenapathy, Member - (1.) The Applicant herein has filed a Petition for winding up under Section 433 of the Companies Act, 1956 against the Corporate Debtor before the Hon'ble High Court of Bombay and the same was numbered as Company Petition No. 1058/2015. The said Company Petition was transferred to this Tribunal for adjudication under section 9 of Insolvency and Bankruptcy Code, 2016 (the Code) and renumbered as TCP No. 600/2017.
(2.) The Operational Creditor namely, D. Chhaganlal & Co., filed Form No. 5 as required under Rule 6 of Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules 2016, on 10-04-2017, stating that the Corporate Debtor, namely Say India Jewellers Pvt. Ltd. has defaulted on 17.06.2015 in making the repayment of Rs. 67,39,287/- along with interest @ 18% per annum.
(3.) The Operational Creditor states that Corporate Debtor purchased diamonds and invoices were raised from 08.06.2012 to 19.12.2012, after taking into account the part payment to the extent of Rs. 2,99,425/-, still a sum of Rs. 67,39,287/- is due and payable by the Corporate Debtor. The Operational Creditor issued a winding up notice on 17.06.2015 under Section 433, 434 and 439 of the Companies Act, 1956 demanding a sum of Rs. 67,39,287/- together with interest 18% per annum. The Operational Creditor says that the Corporate Debtor has not made the payment despite receiving the statutory notice, hence filed the winding up petition before the Hon'ble High Court, Bombay on 29.07.2015. The Operational Creditor filed the Form 5 stating that the Corporate Debtor defaulted in making the payment of Rs. 67,39,287/-, which was due on 17.06.2015. The Operational Creditor has filed the bank certificate dated 14.06.2017 issued by Bank of Baroda, Bandra-Kurla Complex, Mumbai as required under Section 9(3)(c) of the Code. The Applicant was directed to give notice to the Corporate Debtor intimating the next date of hearing, accordingly, the Applicant informed the Respondent and filed affidavit of service. However, the Respondent failed to appear.;