Vijai Pratap Singh, Member - (1.) This Company Petition has been filed by the Operational Creditor, J.J. Plastalloy Private Limited under section 9 of the Insolvency and Bankruptcy Code, 2016 read with Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 for initiation of Corporate Insolvency Resolution Process under the Code. The Identification Number of the applicant, J.J.PIastalloy Private Ltd. is U24139UP1995PTC017711. The petitioner has filed this petition on the basis of operational debt due on the Corporate Debtor, M/s. Balaji Polytex Industry Private Limited, whose Identification Number is U24139UP1995PTC017711.
(2.) Brief facts of the case are that the Operational Creditor, J.J.PIastalloy Private Ltd. supplied goods worth Rs.68, 28,888/- to the Corporate Debtor through nine invoices raised from 9th October, 2013 till 11th February, 2014. A sum of Rs.28,13,706/- remains outstanding unpaid amount, on which the Operational Creditor has claimed interest @24% per annum till date of payment. The applicant has stated that the Corporate Debtor has subsequently admitted its dues in respect of principal amount of Rs.28, 13,706/- by its E-mail dated 18.09.2014 and further on 16th November, 2014, which are annexed from page nos. 15 to 16 with the petition. The alleged mail indicates that the Corporate Debtor has made a reply that he is in the process of getting funds within a short period of time and assured that he will clear off the due amount of Rs.28, 13,706/-as early as possible. This e-mail was sent on 16th November, 2014 at 12.36 pm. The petitioner has stated that against the total supplies made by the Operational Creditor to the Corporate Debtor, total invoice amount was Rs.68,28,888/-, out of which the Corporate Debtor has paid a sum of Rs.40,11,182/- and further he has been granted a discount of Rs.4,000/- by the Operational Creditor.
(3.) The Corporate Debtor has failed to make payment of the balance amount of invoice value i.e., Rs.28, 13,706/- (excluding interest) . The Operational Creditor has also stated that the contractual rate of interest on the unpaid amount of the bill is @24% per annum. The Operational Creditor has further stated that the Corporate Debtor, M/s. Balaji Polytex Industry Private Limited has made the part payment of Rs.40, 11,182/- on different dates. The details of part payments made on different dates are confirmed by the ledger account details maintained by the Corporate Debtor as sent by them to the Operational Creditor along with their E-mail dated 18th September, 2014, annexed as Annexure-ll to the petition.;