Ch. Mohd. Sharief Tariq, Member - (1.) Under adjudication is the Petition which originally came to be filed before Hon'ble High Court of Madras during 2013 and the same has been transferred to this Bench and renumbered as TCP 247/(IB)/CB/2017. The prayer made is to admit the application and to initiate the Corporate Insolvency Resolution Process under the Insolvency and Bankruptcy Code, 2016 (I & B Code) by appointing an Interim Resolution Professional (IRP).
(2.) Heard the Counsel appearing on behalf of the Operational Creditor and perused the Petition along with the documents placed on record. As seen from Order dated 20.7.2017, Mr. Abishek Raman has caused appearance on behalf of Respondent and prayed for time to seek instructions from Corporate Debtor. However, today, when the matter is called, there is no representation on behalf of Respondent. It is also on record that vide Order dated 11.7.2017, the Respondent was proceeded ex-parte.
(3.) The Petitioner claims that the Corporate Debtor has not paid the outstanding debt to the tune of Rs. 12,31,581/- which was due on 2.11.2012. The same is on account of the supply of the paper chemicals to the Corporate Debtor. It is also on record that the Corporate Debtor has caused appearance before Hon'ble High Court of Madras and did agree to pay Rs. 15 Lakhs as per the direction of the High Court. Pursuant to which, a Demand Draft to the tune of Rs. 5 Lakhs was paid but rest of the outstanding debt along with interest has not been paid.;