- (1.) The petitioner has filed this application u/s. 9 of the Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as 'Code') for initiating Insolvency Resolution Process against the respondent/Corporate debtor. The petitioner claims to be an Operational Creditor, having supplied Sponge Iron Lumps to the Corporate Debtor. The Operational Creditor has been maintaining a running account for the business transactions with the Corporate Debtor who is in default of payment of Rs. 2,91,53,243/-, being the principal outstanding amount and the interest thereon. It is submitted that despite demands made from time to time, the Corporate Debtor has failed to liquidate its liability.
(2.) Steps to serve the Corporate debtor were taken, but none appeared on their behalf.
(3.) The present petition has been filed in the form and manner prescribed under the Code. It is annexed with the copies of the invoices and delivery receipts from February 2013 to August 2014. The petitioner has been maintaining a ledger account reflecting the statement of debit and credit in the running account with the Corporate Debtor which reflects an outstanding liability of Rs. 2,82,75,118/- as the principal amount and further interest at 24% p.a. for the supplies of goods made.;