K Anantha Padmanabha Swamy, Member - (1.) Under Consideration is a Company Petition filed by M/s. Trans Asian Shipping Services Private Limited (in short, 'Petitioner/Operational Creditor') against M/s. Jain Granites & Projects India Limited (in short, 'Respondent/Corporate Debtor') under section 9 of the Insolvency and Bankruptcy Code 2016 (In short, 'IB Code 2016') r/w Rule 6 of the Insolvency & Bankruptcy (Application to Adjudicating Authority) Rules, 2016 (for brevity, IB Rules 2016) .
(2.) Before proceeding with this matter, it would be appropriate to make a note of background facts for the purpose of determination of this petition.
(3.) Ms. Anita Thomas., the learned counsel appearing on behalf of the petitioner/OC submitted that the petitioner is engaged inter-alia in the Business of transport of goods, Freight Containers, Steamer agency, freight forwarding, clearing agency, operating ships, chartering/hiring etc. Those services from India to South East Asia, Middle East and China and also cover Door to Door and Port to port shipments; Consolidation and De-consolidation services India where they offer an extensive network of offices and CFS for receiving and delivering freight. The Respondent/CD approached the petitioner and expressed his requirements to Ship 173 Granite pieces to Bangkok. Accordingly, the petitioner supplied the said products to Bangkok vide Bill No. TALTST00296696 dated 01.05.2008 and it reached Bangkok on 14.08.2008 vide container no. FBLU3072049. But Consignees did not take that delivery of the same. The Operational Creditor issued a demand notice to Corporate Debtor/Consignees on 22.08.2008 as he has received the said delivery. After following the due process the Cargo was eventually auctioned by the Customs. The Operational Creditor was given possession of their container, Freight Memo on 06.08.2009 was issued thereafter to the Corporate Debtor.;