- (1.) It is a Company Petition filed u/s. 9 of The Insolvency & Bankruptcy Code, 2016, against the Corporate Debtor on the ground that the Petitioner raised invoices demanding payment for the goods supplied to the corporate debtor on the Purchase Order given by the Corporate Debtor and the corporate debtor having failed to repay dues outstanding against the Corporate Debtor, the Petitioner initially issued notice u/s. 8 of the Code, when there was no reply within ten days thereof, the petitioner filed this Petition for initiation of Insolvency Resolution process against the Corporate Debtor.
(2.) On perusal of the Company Petition it appears that the Operation Creditor raised six invoices against the Corporate Debtor for the goods supplied to the Corporate Debtor, on such supply, the Corporate Debtor received the said goods agreeing to pay the dues within credit period of 45 days. The total aggregated amount of all the invoices raised by the Petitioner is Rs. 7,01,525/-. The Petitioner further submits that the Corporate Debtor also issued postdated cheques against each of the invoices raised by the Petitioner which are as mentioned below:
(3.) When the cheques were presented, all have been dishonored. As to one of these cheques bearing number 268902 for an amount of Rs. 92,475/-, the petitioner has issued notice dated 2.5.2017 u/s. 138 of the Negotiable Instrument Act to the corporate debtor, though the Corporate Debtor received this notice on 5.5.2017, there was no reply from the Corporate Debtor disputing or admitting this liability. The petitioner has also indicated that this Corporate Debtor being entitled to commission over the purchases, that has been adjusted in the Ledger Account of the debtor company. As to the outstanding dues of Rs. 7,01,525/-, having the Corporate Debtor failed to make payment, the Petitioner issued statutory notice on 23.5.2017 u/s. 8 of the Code giving details of the amount in default as well as details and copies of unpaid invoices, but no reply came from the debtor within 10 days from the date of receipt of notice i.e., 26.5.2017. Since the debtor neither paid the claim amount to the petitioner, nor replied to the notice given by the petitioner, the Petitioner filed this Company Petition u/s. 9 of I & B Code on 16.6.2017, as soon as this case was filed, notice of hearing has been served upon the Corporate Debtor, today Counsel appeared on behalf of the Corporate Debtor.;