Ina Malhotra, Member - (1.) This petition has been filed under Section 9 of the Insolvency Bankruptcy Code, 2016 (herein after referred to as the Code). The Petitioner in the capacity of an Operational Creditor has prayed for initiation of Corporate Insolvency Resolution Process against the Respondent/Corporate Debtor. The Operational Creditor has averred that they had supplied material and the Corporate Debtor has failed to discharge the outstanding dues.
(2.) As per the averments made in the said petition, the Corporate Debtor is engaged in the business of developing real estate. The Operational Creditor is in the business of selling 'Ready Mix Concrete' of various grades and quality to its customers. An arrangement was arrived at between the parties in September 2005, whereby the Corporate Debtor provided the Operational Creditor with land for setting up a plant for manufacture of the 'Ready Mix Concrete'. The same was provided free of any lease rent. In return, the Operational Creditor was to meet the Corporate Debtor's requirement of the Concrete Mix at subsidised rates. Supply of 'Ready Mix Concrete' was made by the Operational Creditor pursuant to the Purchase Orders placed by the Corporate Debtor from time to time as per the specification of various grades required by them. It is alleged by the Operational Creditor that the tenure of the agreement was extended twice by the Corporate Debtor.
(3.) Vide the present petition, it is averred that of Rs. 5,94,40,956/- is the unpaid amount under the various invoices raised on the Corporate Debtor between the period 15.04.2014 to 15.02.2017. It is submitted that the Corporate Debtor has acknowledged and confirmed the amount under the invoices, but despite various request and reminders they have failed to take any steps to reduce this liability. In view of this outstanding amount of the Operational debt, the Operational Creditor has prayed for initiation of the Corporate Insolvency Resolution Process on grounds of not being able to repay its debt.;