R.P. Nagrath, Member - (1.) This petition has been filed by the petitioner-operational creditor in terms of Section 9 of the Insolvency and Bankruptcy Code, 2016 (for short, to be referred hereinafter as the "Code') in Form No. 5 as prescribed in Rule 6(1) of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 (for brevity, the 'Rules') to initiate the corporate insolvency resolution process against the respondent-corporate debtor.
(2.) The petitioner is a company registered with the Registrar of Companies with CIN U25202MP2014PTC032727 having its registered office at Indore (Madhya Pradesh) . The respondent-company was incorporated on 27.01.2006 having its registered office at Gurugram and therefore, the matter falls within the territorial jurisdiction of this Tribunal. It has a paid-up capital of Rs. 64,13,95,520/-. The application has been filed by the petitioner-company through Mr.Pravin Gupta, Director of the company in whose favour the company has passed resolution dated 25.07.2017 as at page 254 of the paper book. There is another resolution at page 255 of even date authorizing Mr.Vivek Dalal, Advocate to represent the company, to issue demand notice and also to file petition for initiating insolvency resolution process against the respondent-corporate debtor. The contents of the application are supported by affidavit dated 21.08.2017 of Mr. Pravin Gupta aforesaid.
(3.) It is averred that the respondent placed purchase order dated 23.09.2016 for the purchase of 7,20,000 PP Bags (specification - 150 grams Mass of Sack with liner) for a total amount of Rs. 1,07,28,000/- excluding taxes and another order dated 02.11.2016 for 10,200 PP Hot sealing bags for a total consideration of RS. 3,58,938/-. In terms of these purchase orders, the operational creditor dispatched the goods to the corporate debtor vide seven invoices given at Sr. No. 1 (c) of Part-IV of the application as under:- ;