R.P. Nagrath, Member - (1.) This petition has been filed under Section 9 of the Insolvency and Bankruptcy Code, 2016 (for short to be referred hereinafter as the 'Code') by filing application in Form No.5 as prescribed under Rule 6(1) of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 (for brevity the (Rules') to initiate insolvency resolution process against the Respondent-Corporate Debtor. The petitioner-operational creditor, a company incorporated under the Companies Act, 1956, having been allotted CIN U18109PB2010PTC033695 filed this petition on the basis of Board resolution dated 27.06.2017 (Annexure-II) authorising Mr.Pankaj Singhania, Director of the company to issue and sign the notice or documents to the Debtor for recovery of dues, engage counsel, to file application before NCLT, Chandigarh on behalf of the company and to do to all the necessary acts in the process of the case. The contents of the application are supported by an affidavit of Mr.Pankaj Singhania aforesaid.
(2.) The respondent is a company incorporated on 18.02.1998 with a nominal share capital of Rs. 2 crores and paid-up capital of Rs. 1,09,96,000/-. The respondent-company has been allotted CIN L17115PB1998PLC021084. It has its Registered Office at Ludhiana and therefore, the matter falls within the territorial jurisdiction of this Tribunal.
(3.) The facts of the case, briefly stated are that the petitioner supplied Acrylic Fibre and Polyester Staple Fibre on different occasions to the respondent-corporate debtor for which various bills were issued. The corporate debtor was committed default in payment of the debt of 177 bills from 29.04.2014 to 23.07.2014 as per the particulars given on pages 6 to 8 of the paper book. The total amount of debt is Rs. 8,15,97,672/-. As per the terms of the invoices, the amount of each bill was payable within 15 days, failing which the respondent was liable to pay interest @24% p.a. It is also stated that even the petitioner had been making purchases from the respondent-corporate debtor and part amount of Rs. 74,850/- was adjusted against Invoice No.28 dated 29.04.2014 which was for an amount of Rs. 10,38,251/-. That is the first bill in the tabulated information from pages 6 to 8 of the paper book. This adjustment was made towards the purchase bill No.3852 dated 21.08.2014 for Rs. 8,39,630/-.;