Bikki Raveendra Babu, Member - (1.) M/S. R.L. Steel & Energy Limited filed this Petition under Section 9 of The Insolvency and Bankruptcy Code, 2016 [hereinafter referred to as "the Code"] read with Rule 6 of The Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 [hereinafter referred to as "the Adjudication Rules"].
(2.) The claim of the Petitioner is that goods were supplied to the Corporate Debtor, namely Shyam Industries Limited as per Invoices dated 28.02.2013; 5.3.2013; 5.3.2013 and 20.3.2013. According to the Petitioner, an amount of Rs. 33,35,410/- which comprises of Rs. 19,37,025/- towards Unpaid Invoices; and Rs. 13,98,391/- towards aggregate interest payable on each of the Unpaid Invoices at the rate of 18% per cent per annum from the date of receipt of the Unpaid Invoices till 15th April, 2017. Petitioner issued first Demand Notice dated 15.1.2017 to the Corporate Debtor demanding payment of Rs. 26,74,481/- towards unpaid amount on the Invoices and Rs. 17,96,816/- towards interest thereon along with the copies of Invoices. On 19th January, 2017 Corporate Debtor addressed a letter stating that as per the discussions with Mr. Sushil Singh, General Manager between 17th January, 2017 to 19th January, 2017, the Settlement Agreement between Petitioner and Corporate Debtor, the settlement agreement was reached on 17th January, 2017. It is also stated in the Reply Notice that as per the account books of the Corporate Debtor, outstanding due to the Petitioner is Rs. 24,00,510/-. It is also mentioned in that letter that they are sending an amount of Rs. 3,20,000/- by way of RTGS to the Petitioner and the balance is only Rs. 20,80,510/-. It is further stated that the balance outstanding amount was divided into 25 cheques of Rs. 80,000/- each and the last cheque which is of Rs. 80,510/- was issued. It is also mentioned that any discrepancy in the outstanding balance will be resolved before 31st March, 2018. Corporate Debtor also enclosed the Settlement Agreement which is not signed by anybody on behalf of the Petitioner Company.
(3.) Again, in reply to the notice dated 15.1.2017, Corporate Debtor sent another notice on 7.2.2017.;