R.Varadharajan, Member - (1.) Maxim Tubes Company Private Limited in its capacity as an 'Operational Creditor' has filed the above Company Application against its customer, International Coil Limited, naming it as the 'Corporate Debtor' under the provisions of Insolvency and Bankruptcy Code, 2016, A perusal of the application as taken through by the Counsel for the Applicant discloses that the operational Creditor is having its registered office address at Survey No.l05,Pansar Road, NR.66, KV Sub-station Chhatral, Ahmedabad, Mehsana Highway, Tal, Kolol, (NG) District, Gandhinagar. It is also seen that the Corporate Debtor was incorporated in 2004 with an authorized capital of INR Rs.5.00 crores. The paid-up share capital is Rs.5.00 crores (Rupees five crores) and the registered office of the Corporate Debtor is located at A-21/24, Naraina Industrial Area, Phase-II, New Delhi-110028.
(2.) It is the claim of the Applicant that it is engaged in the business of manufacturing and supplying of steel pipes to meet the requirements of its customers engaged in specified industries like automotive, power plants, heat exchanges etc. It is further represented that the Corporate Debtor placed two purchase orders bearing Nos.ICL/CHP/004/P001 and ICL/CHP/003/P002 for manufacturing compressed air piping system for its main plant building of 1.2 GW Solar P.V. Manufacturing Project at the project site located in Kutch, Gujarat and as per clause 3.1 of both the purchase orders, 100% payment was required to be made against 60 days Letter of Credit, on submission of the proforma invoice and signed copy of the acceptance of the project order. It is the claim of 'Operational Creditor' that the 'Corporate Debtor' was not able to open Letter of Credit as contemplated above. Two post dated cheques for Rs.68,94,223 and Rs.l,01,07,853 in relation to the first purchase order and second purchase orders, respectively was issued. It is the further representation of the 'Operational Creditor' that supplies, as contemplated in the two purchase orders placed by the Corporate Debtor were completed between July 2016 and August 2016. Having effected the supplies, the 'Operational Creditor' represents that it demanded the payment in the sum of Rs. 1,70,70,423 vide email dated 15.10.2016 and the 'Corporate Debtor7 vide email dated 15.10.2016 accepted that there was delay in payment of the amount and sought for some more time to make the payment. Pursuant to the above promise on 20.10.2016 the 'Corporate Debtor' gave a Letter of Credit for Rs.68,94,223 which seems to have been duly encashed by the Operational Creditor through its bankers. Subsequent to the same, in the month of November, 2016 the 'Operational Creditor'/Petitioner represents that an additional sum of Rs.20.00 lakhs was also paid by the 'Corporate Debtor'. It is the claim of the 'Operational Creditor' that out of the total sum of Rs. 1,70,70,423, the 'Corporate Debtor' paid only Rs.89,68,660 that too belatedly leaving a balance sum of Rs.81,53,763 which remains unpaid. Despite repeated requests and reminders, since no payment was forthcoming from the 'Corporate Debtor' in relation to the balance amount due, the Petitioner/'Operational Creditor' claims that the first of the cheque issued against the first of the purchase order in a sum of Rs. 68,94,223 was sought to be encashed. However, the same got dishonored for the reason "payments stopped by drawer". Again the 'Operational Creditor' it is averred sought to present the second of the cheques, as detailed above, in relation to the second of the purchase order in the month of Januaray,2017 which it is claimed by the Petitioner was also dishonored on the ground "there is discrepancy in the amount stated in number and words". Notice of intimation of dishonored cheque was received by the bankers of the Operational Creditor namely Bank of Baroda. In the above circumstances, it is averred by the Petitioner/Operational Creditor that the Petitioner was forced to issue the Form-4 Invoice as prescribed under Rule 5 of the Insolvency and Bankruptcy Code, 2016 on 19.4.2017 wherein the amount claimed in default was a sum of Rs.91,96,269 including interest for the delay in payment.
(3.) Since the Petitioner did not receive the notice of dispute nor the payment in relation to the amount defaulted, it is represented that the Petitioner has been forced to file this Petition for initiating the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor. The above matter was listed before the Hon'ble Principal Bench on 31.5.2017 and since the proof of service of notice under Section 8 of IBC,2016 was not filed the Petitioner was directed to file an affidavit for the said purpose within a period of one week and the matter was listed on 28.6.2017.;