K. Anantha Padmanabha Swamy, Member - (1.) Under Consideration is a Company Petition filed by Vishnu Sudha Textiles (in short, 'Petitioner/Operational Creditor') against Shri Krishnakanth Textiles Private Limited (in short, 'Respondent/Corporate Debtor') under section 9 of the Insolvency and Bankruptcy Code 2016 (hi 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.) The Petitioner is Sole Proprietary engaged in the Trading of Polyester Staple fibre PC Yarn, Polyester yarn, cotton yarn whereas the Respondent is engaged in the business of manufacturing and selling of Polyester yarn, cotton yarn etc.;