Ina Malhotra, Member - (1.) The present petition has been filed by the Operational Creditor praying for triggering Corporate Insolvency Proceedings against the Respondent Corporate Debtor on grounds of its inability to pay an outstanding debt of Rs. 39,86,530/-.
(2.) As per averments, at the request of the Corporate Debtor, the Operational Creditor had supplied Alloy Steel Bars during the year 2013- 2014. Though some payments have been made from time to time, the Corporate Debtor is still in default of making full payments. It is submitted that the Corporate Debtor had acknowledged its outstanding liability and had also confirmed the amount due, but took no steps to liquidate the same. The goods supplied were to the satisfaction of the Corporate Debtor and no dispute was ever raised with respect to its quality or quantity. The Operational Creditor is therefore constrained to file the present application.
(3.) The Respondents had put in appearance through their representative, Mr. P. C. James and their Advocate, Mr. Arvind Kumar Pandey. However, no reply was filed in spite of opportunity granted.;