V.P. Singh, Member - (1.) This Company Petition has been filed by the Operational Creditor, Aryan Mining and Trading Corporation Private Limited, under section 9 of the Insolvency and Bankruptcy Code 2016 read with Rule 6(1) of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 to initiate Corporate Insolvency Resolution Process against the Corporate Debtor and the petition has been presented by Shri Sunil Kumar Sharma, acting as Deputy Manager (A/cs.) with the Operational Creditor, who is authorised to initiate Insolvency Resolution Process against the Corporate Debtor.
(2.) Brief facts of the case are that the Applicant/Financial Creditor, Aryan Mining & Trading Corporation Private Ltd. has its registered office is in Kolkata. The petitioner claims that a sum of Rs. 3,69,56,818/- is the debt amount which is due on the Corporate Debtor on account of purchase of sponge and iron ore by the Corporate Debtor from the Operational Creditor. The Identification Number of the Corporate Debtor, Ganesh Sponge Private Limited is CIN-U271020R2004PTC007682.
(3.) The petitioner has annexed the copy of the purchase order dated 27.03.2014, 09.10.2016, 25.01.2016, 22.02.2016, 18.03.2016, 09.04.2016 and 26.05.2016 which is Annexure II-A (page 34 to 41) of the petition. The Operational Creditor has also attached the copy of sale invoice which is Annexure IA (page 13 to 33) of the petition. The petitioner claims that the total principal amount Rs. 3,69,56,818/- + interest @ 18% per annum from 30th April, 2014 to 10.06.2016 amounting to Rs. 95,49,826/-, grand total amounting to Rs. 4,65,06,644/- is due on the Operational Debtor on the date of presentation. The petitioner has also filed the bank statement from 01.04.2015 to 31.04.2017 where deposits are made or credits received, normally by the Operational Creditor in respect of debt amount of the Corporate Debtor. The copy of the bank statement is Annexure-III (page Nos. 48 to 224) of the petition. The petitioner has given the details of payment received/credit note issued and sale invoices in a chart form which is Annexure IIC (page 43 to 47) of the petition, which shows that the closing balance on 14.07.2016 was Rs. 3,69,56,818/-. It contains the details of sale invoice payments made by the Corporate Debtor on different dates and sale invoice numbers which clearly shows that on 14.07.2016, the total outstanding dues was Rs. 3,69,56,818/-. The Operational Creditor has also filed the copy of Ledger Account of Corporate Debtor, M/s. Ganesh Sponge Private Ltd. (page 42A) of the petition, which relates to the period 01.04.2015 to 31.03.2016 and closing balance on 31st March, 2016 was Rs. 3,44,81,609/-. Copy of the Ledger A/c. relating to financial year 2016-17 is also attached (page 42B) of the petition. Copy of the Ledger A/c. of Corporate Debtor, Ganesh Sponge Private Ltd. in the account book of Corporate Creditor shows that closing balance on 31.03.2017 of Corporate Debtor was Rs. 3,69,56,818/- (page 42B) of the petition, which contains the details of credit balance, debit balance and voucher numbers. The details of Corporate Debtor's account have also been given by the Corporate Creditor in a chart form which contains the details from 29.02.2012 to 14.07.2016, wherein the details of every sale invoice relating to Corporate Debtor, payment received from Corporate Debtor, Invoices raised and closing balance have been shown, which indicate that on 14.07.2016 a sum of Rs. 3,69,56,818/- was due on the Corporate Debtor for which the Corporate Creditor has filed this application under section 9 of the Insolvency & Bankruptcy Code, 2016.;