Vijai Pratap Singh, Member - (1.) Operational Creditor, Shree Shyam Inorganic Pvt. Ltd. has filed this application under Section 9 read with Rule 6 of the Insolvency and Bankruptcy (Application to Adjudication Authority) Rule 2016 to initiate Corporate Insolvency Resolution Process against the HRD Enterprises Pvt. Ltd., a corporate Debtor.
(2.) The facts narrated by the applicant, in short, are the following. The Operational Creditor sold goods i.e. Phthalic Anhydride and Glycerine (chemicals) to the Corporate Debtor to the tune of Rs.28,90,388.00/- (Rupees Twenty Eight Lakh Ninety Thousand Three Hundred Eighty-eight only) . Out of which Rs.7,75,200.00/- (Rupees Seven Lakh Seventy-Five Thousand Two Hundred only) has been paid by the Debtor and Rs.21,15,188.00/- (Rupees Twenty One Lakh Fifteen Thousand One Hundred and Eighty-eight only) is due from the Debtor with interest @ 18% per annum from 22.01.2016 onwards till to-date i.e. 12.02.2017 by the Corporate Debtor. Irrespective of repeated demands respondent failed to make such payment to the petitioner.
(3.) The Director of the operational creditor at the instance of Board Resolution of Operational creditor issued demand notice in form No. 3 dated 14.02.2017 to the Corporate Debtor under the Insolvency and Bankruptcy Code, 2016 (in short IBC) . The petitioner claimed that Rs. Rs.21,15,188.00/- (Rupees Twenty One Lakh Fifteen Thousand One Hundred and Eighty-eight only) is the total amount due from Corporate Debtor and that interest to the tune of Rs. 5,33,244.00/- Rupees Five Lakh Thirty-Three Thousand Two Hundred Forty Four only) is due as interest and the total amount in default come to Rs. 26,48,412/- (Rupees Twenty Six Lakh Forth Eight Thousand Four Hundred and Twelve only) with interest. A Computation Statement of total debt due is shown at page No. 8. The statement is annexed to the petition as Exhibit - C. As per the Computation Statement, total debt is an amount of Rs. 26,48,412.00/- (Rupees Twenty Six Lakh Forth Eight Thousand Four Hundred and Twelve only) is due from the Corporate Debtor as on 12.02.2017.;