K. Anantha Padmanabha Swamy, Member - (1.) Under Consideration is a Company Petition filed by Meritor HVS (India) Limited (in short, 'Petitioner/Operational Creditor') against Visuwam Auto Spares Private Limited (in short, 'Respondent/Corporate Debtor') under section 9 of the Insolvency and Bankruptcy Code 2016 (In short, 'IB Code 2016') r/w Rule 6 of the Insolvency & Bankruptcy (Application to Adjudicating Authority) Rules, 2016 (for brevity, IB Rules 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 Kannan P.T., the learned counsel appearing on behalf of the petitioner/OC submitted that the petitioner is engaged in automobiles business including axles and brakes parts. In ordinary course of business, the Respondent/CD approached the petitioner and expressed its requirements for various parts, spares etc. Accordingly, the petitioner supplied the said products from time to time under various invoices. In respect of the present issue, the respondent had placed various orders with petitioner between January 2015 and December 2015, which the petitioner processed and delivered to the respondent and the respondent received and acknowledged the goods without raising any disputes with regard to rates, quality and quantity of the goods. It is also submitted that the Invoices were due and payable within 45 days from the date of each invoice. However, the respondent failed to make payments within the due date. It is also submitted that several cheques issued by the respondent towards part payment of the amount dues were dishonoured. Therefore, as on the date of filing petition, the Petitioner/OC is entitled to recover a sum of Rs. 27,68,937/- together with the interest @ 18% per annum from the respondent.;