- (1.) M/S. Anant Overseas Private Limited-Petitioner has filed the instant Petition under Section 9 of the Insolvency and Bankruptcy Code, 2016 (for brevity the 'Code') to initiate a Corporate Insolvency Resolution Process against Global Houseware Limited/Respondent. The petitioner claims to be an 'Operational Creditor' and has described the respondent as a 'Corporate Debtor.'
(2.) Brief facts of the case may first be noticed. The Operational Creditor is a private limited company, which is duly incorporated under the Companies Act with its registered office at New Delhi. The Operational Creditor-Respondent is also a private limited company, which is engaged in the trade of Stainless Steel products such as SS Circle, SS coils etc. and supply its products to various traders, manufacturers and exporters. According to the averments made by the Operational Creditor-Petitioner, the Corporate Debtor started purchasing raw materials for its products from it both for its excisable as well as non-excisable units. As per practice, the Corporate Debtor used to place supply orders and the 'Operational Creditor' used to deliver goods to it. Thereafter, the 'Operational Creditor' used to raise invoices for the supply of goods and the Corporate Debtor would not raise any objection. Thus, there is no dispute ever raised with regard to the quality, quantity and price. However, the Corporate Debtor has been irregular in making payments since its inception in respect of the goods supplied by the Operational Creditor. In the year 2016-17, Operational Creditor made regular supply of SS Coils (excisable goods) to Corporate Debtor, who failed to adhere to the financial discipline and defaulted in payment w.e.f. 02.05.2016 till 14.02.2017. The last payment by the Corporate Debtor was made on 30.09.2016. Accordingly, a sum of Rs. 2,47,77,635.62/- has been found due and payable against the aforesaid invoices. There is agreed terms for payment of interest @24% per annum in case of failure to make payment within a period of 7 days from the date of invoice. On 31.03.2017, a further sum of Rs. 32,49,746.77/- became due and payable by Corporate Debtor to the Operational Creditor towards interest calculated on the basis of respective dates of invoices.
(3.) Eventually, the 'Operational Creditor' issued notice of demand dated 29.03.2017 (Annexure-I) upon the Corporate Debtor after repeated requests made earlier. Accordingly, Corporate Debtor was called upon to pay total sum of Rs.2,80,27,382.39/- within a period of 10 days.;