V. Nallasenapathy, Member - (1.) Mona Pharmachem, the Petitioner/Operational Creditor herein, filed this Insolvency and Bankruptcy Petition against the Respondent/Corporate Debtor, Uttara Foods and Feeds Private Limited, claiming that a sum of Rs. 22,26,672/- along with interest is unpaid and the first date of default happened on 9.8.2014. The Petitioner initiated this proceeding against the Respondent under section 9 of Insolvency and Bankruptcy Code, 2016 (the Code) read with Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 (the Rules) seeking reliefs.
(2.) The Petitioner states that the amount is due in respect of medicines supplied to the Respondent for which bills were raised from 10.6.2014 to 25.4.2015. The payment is pending for the first invoice itself which was raised on 10.6.2014 and fell due on 9.8.2014. Even though the Respondent has made part payment for three of the invoices subsequently raised, still there is an outstanding of Rs. 22,26,672/-. The Operational Creditor says that the invoices provide for 24% interest per annum on the delayed payment and has claimed interest in addition to the principle due of Rs. 22,26,672/-.
(3.) The Operational Creditor issued a demand notice on 15.03.2017 under the Insolvency and Bankruptcy Code attaching the invoices demanding a sum of Rs. 22,26,672/-. Even though, the said notice was acknowledged by the Corporate Debtor, there is no reply for the same.;