- (1.) The petitioner has filed this application u/s. 9 of the IBC, 2016 (hereinafter referred to as 'Code'). As per the submissions made, the Operational Creditor is engaged in the business of supply of wires, cables. During the course of its business, it had supplied wires, cables to the respondent (herein referred to as Corporate Debtor). The Operational Creditor has been maintaining a running account for the goods supplied to the Corporate Debtor and prays for initiation of the Insolvency Resolution Process against them as they are in default of payment of the principal amount of Rs. 5,20,106/-. It is submitted that despite demands made from time to time, the Corporate Debtor has failed to liquidate its liability.
(2.) Steps to serve the Corporate debtor were taken, but none appeared on their behalf.
(3.) The present petition has been filed in the form and manner prescribed under the Code. It is annexed with the copies of the invoices and delivery receipts from 28.03.2014 and 11.04.2014. The petitioner has been maintaining a ledger account reflecting the statement of debit and credit in the running account with the Corporate Debtor which reflects an outstanding liability of Rs. 8,66,715/- towards the unpaid bills and the interest claimed thereon. It is submitted that in acknowledgment this outstanding liability, the Corporate Debtor had tendered a cheque in the sums of Rs. 5,20,106/-, being number 085523 dated 13.06.2014, issued by the ICCI Bank Ltd, Jaipur Tonk Road Branch. The said cheque was returned unpaid with the remarks "Insufficient Funds".;