Vijai Pratap Singh, Member - (1.) This application has been filed by the Operational Creditor under section 9(1) of the Insolvency and Bankruptcy Code read with Rule 6 of the Insolvency & Bankruptcy (Application to Adjudicating Authority) Rules, 2016 for initiation of Corporate Insolvency Resolution Process against the Operational Debtor.
(2.) In the application, the operational creditor has stated that the Operational Debtor, Kalyanpur Cements Ltd. has registered office in Kolkata at 2 & 3, Dr. Rajendra Prasad Sarani, Kolkata - 700 001. The operational creditor has claimed that on account of transportation of about 9000 MT per month of fly ash from various power stations being Hindalco, Resusagar, DVC, Bokaro Thermal Power Station and delivery of the same at the required destination of the operational debtor by the operational creditor, pursuant to order No. 383 dated 01.02.2011, an amount of Rs. 1,53,66,760.18/- has become due but after service of notice on the Corporate debtor, the petitioner raised invoices on account of such transportation charges on different dates, details of which are mentioned in Part-IV of the petition consisting of particulars of Operational Debtor. The Operational Creditor has further stated that in spite of several requests and reminders, the Operational Debtor made only a part payment in piecemeal from time to time and the last payment was made of Rs. 2 lakhs on June 19, 2015, leaving aside a total sum of Rs. 1,53,68,760.18/- as due and payable to the operational creditor, being the claim of the operational creditor on account of transportation charges along with interest 24% per annum from the date of each invoices raised by the operational creditor upon the operational debtor. On November 02, 2016, the Operational Debtor through its Advocate Mr. Nilanjan Chatterjee sent a reply to the legal notice dated 17th October, 2016 given by the Operational Creditor wherein the operational debtor has unequivocally admitted the claim of the operational creditor. The operational creditor on 12th February, 2017 claimed a total sum of 1,53,66,760.18 as principal plus interest @24% per annum from the date of each invoices till the date of payment. The operational creditor has claimed that the said sums were payable on the date as mentioned in the respective invoices. The operational creditor has given the details of invoices in a tabular form along with the petition which is Annexure "C" at page 43 of the petition which shows that Rs. 1,53,66,760.92/- was due on the Corporate debtor on account of different invoices and last payment which was made by the Corporate debtor was Rs. 2 lakhs made on 09.06.2015.
(3.) The operational creditor has filed the copy of work order as Annexure "A" with the petition, alongwith copy of all the invoices which are annexed as Annexure "B" of the petition. The operational creditor has also filed the copy of the legal notice served on the corporate debtor which is annexure "D" which shows that on 17.10.2016, the Corporate Creditor has sent the legal notice on the Corporate debtor for making the balance outstanding amount of Rs. 1,53,66,760.18/- and also filed a copy of reply given by the Corporate Debtor which is Annexure "E" to this petition which shows that Corporate Debtor has accepted the balance amount of Rs. 1,53,66,760,18/- but in that reply he has mentioned that from November, 2016 onwards, he will pay off all the dues in instalment of Rs. 5 lakhs per month upto December, 2016 and thereafter from January, 2017 onwards, his client will pay off the dues in instalment of Rs. 7.50 lakhs per month.;