K. Anantha Padmanabha Swamy, Member - (1.) Under Consideration is a Company Petition filed by Metecno (India) Private Limited (in short, 'Petitioner/Operational Creditor') against Hyosan Automative India Private Limited (in short, 'Respondent/Corporate Debtor') under section 433(e) and (f), 434(i)(a) and 439(i)(b) of the Companies Act, 1956 before the Hon'ble Madras High Court which has been transferred to this tribunal pursuant to the Companies (Transfer of Pending Proceedings) Rules, 2016. Now, pursuant to the Central Government notification number GSR 119(E) dated 07.12.2017, this petition needs determination as per the provisions of the Insolvency and Bankruptcy Code 2016 (In short, 'IB Code 2016').
(2.) Before proceeding with this matter, it would be appropriate to make a note of background facts for the purpose of determination of this petition.
(3.) Shri T.R. Ramesh, the learned counsel appearing on behalf of the petitioner/OC submitted that the Petitioner is in business of providing various corporate services to companies and other business concerns whereas the Respondent/CD is engaged in the business of manufacturing and sale of engineering equipments relating to automotives. It is submitted that the petitioner had supplied materials to Respondent and raised certain purchase orders to the tune of Rs. 15,48,406.68/- for which the respondent paid only Rs. 5,23,465/- on 31.05.2012, leaving a balance payable by the respondent to petitioner to the tune of Rs. 10,24,961.68/- and the respondent also acknowledged the same vide its letter dated 04.07.2013.;