Ch Mohd Sharief Tariq, Member - (1.) Under adjudication is CP/643/(IB) /CB/2017 that has been filed by the Operational Creditor under Section 9 of the Insolvency & Bankruptcy Code, 2016 (in short, l&B Code, 2016') r/w the Insolvency & Bankruptcy (Application to Adjudicating Authority Rules, 2016) . The prayer made is to admit the Application, to initiate the Corporate Insolvency Resolution Process against the Corporate Debtor, declare moratorium and appoint Interim Resolution Professional (IRP) under the I&B Code.
(2.) Heard the Counsel for the Operational Creditor and perused the record. As seen from the Order dated 06.12.2017, the service against the Corporate Debtor was held sufficient and the Corporate Debtor was proceeded ex parte.
(3.) It is submitted by the Counsel for the Operational Creditor that during the course of business, the Corporate Debtor imported under Bill of Lading No. B/L TLADS00018883, 26 drums of POLYPOL, which included 24 drums of POLYPOL 1023-ISO PHTHALIC RESIN net 225 kgs, and 2 drum of POLYPOL 2146-ISO NPG GEL COAT Net 225 KGs., in a 20' Dry Van container. The said shipment was carried from Jebel Ali Port, Dubai, U.A.E. by the Vessel m.v. BUDI AMAN in its voyage 015E which reached Chennai port on 01.03.2006 along with the cargo. However, for the reasons best known to it, the Corporate Debtor refused to clear the cargo despite several notices.;