Vijai Pratap Singh, Member - (1.) The Petitioner SMTC Steel & Power Pvt. Ltd. has filed this application under Sec.8 and 9 read with Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 to initiate corporate insolvency resolution process against AK Power Industries Pvt. Ltd., a debtor.
(2.) The brief facts of the case, as stated in the application, are that the Operational Creditor sold consignment of metal angle and channel to the Corporate Debtor on 8/7/2014 amounting to Rs.8,95,581/- on credit which is the amount due and payable to the Operational Creditor along with interest @ 24% per annum from 8/7/2014 till the date of actual payment by the Corporate Debtor. The goods were supplied on credit as the Corporate Debtor was a regular customer of the Petitioner. In spite of repeated reminders the respondent failed to make such payment to the petitioner.
(3.) The petitioner through its Accountant Rahul S & Associates by a letter dated 4/ 1/2017 requested the respondent to make payment. The respondent in reply by letter dated 9/1/2017 stated that the amount requires checking and reconciliation and the total amount due has to be stated by the petitioner. Thereafter, the petitioner served notice dated 12/1/2017 to the corporate debtor under the Insolvency and Bankruptcy Code, 2016. The petitioner claims that total amount due on corporate debtor as on 22/4/2017 including interest was Rs. 14,95,645/-. A copy of the work sheet showing working for computation of default with respective dates is enclosed along with the petition at page 12, 13 and 14.;