Bikki Raveendra Babu, Member - (1.) Bhagwati Corporation, a Proprietorship Firm, styling as 'Operational Creditor' filed this Application against Shrinidhi Laminates Limited describing it as 'Corporate Debtor' under Section 9 of the Insolvency & Bankruptcy Code, 2016 [hereinafter referred to as "IB Code"] read with Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 ["IB Rules" for short] to trigger 'Corporate Insolvency Resolution Process'.
(2.) The facts in brief, that are necessary for disposal of this Application, are as follows; 2.1. Respondent is a Company registered under the provisions of the Companies Act, 1956. The Registered Office of the Respondent Company is situated in Chhatral, Mehsana Highway, Rajpur, Taluka-Kadi, District-Mehsana Gujarat State. 2.2. Respondent Company placed an oral order with Applicant for supply of Lignite Coal. Accordingly, Applicant supplied Lignite Coal under different debit notes since several years. Applicant is maintaining a running account towards the cost of the supplies made and the amounts credited by the Respondent Company. In the said running account, a sum of Rs. 42,42,466.49 ps. as on 31st September, 2016 was due from the Respondent towards Principal amount and an amount of Rs. 7,00,486/- towards interest at the rate of 18% per annum till 30th September, 2016 due and payable by the Respondent Company. Applicant filed Ledger Account of the Respondent as 'Annexure A'. According to the Applicant, Respondent made use of the goods supplied by the Applicant without any complaint. Respondent failed to make payment for the goods supplied inspite of several oral requests. On the other hand, Respondent issued 11 cheques for payment of the outstanding amount, but all the relevant cheques given by the Respondent were dishonoured on 18.10.2016 and for such dishonour of cheque criminal complaints have been filed against the Respondent Company under Section 138 of the Negotiable Instruments Act which are registered as Criminal Case Nos. 51/2016. 52/2016, 53/2016 and 58/2016. Applicant issued a Notice dated 25th October, 2016 Annexure 'B' to the Application demanding payment of outstanding amount. Applicant got issued a legal notice dated 8th December, 2016 to the Respondent calling upon it to make payment of the outstanding amounts within 21 days vide Annexure 'C'. Respondent gave Reply Notice dated 3rd January, 2017 vide Annexure 'D'. 2.3. Applicant issued Demand Notice dated 26.4.2017 under Section 8(1) of the IB Code vide Annexure "I". Respondent did not give any reply to the Demand Notice.
(3.) Applicant filed Debit Notes dated 15.4.2015 to 31.3.2016.;