Bikki Raveendra Babu, Member - (1.) M/S. Beeta Kone Tools, through its Authorised Signatory, filed this Application with a prayer for initiation of corporate insolvency resolution process against GEI Industrial Systems Ltd., under Section 9 of the Insolvency and Bankruptcy Code, 2016 [hereinafter referred to as "the Code"].
(2.) The claim of the Applicant is that it has supplied goods to the Respondent pursuant to purchase orders dated 12th July, 2011 and 8th October, 2011 as per the following Invoices; Respondent acknowledged the receipt of goods. Respondent also accepted the liability to pay against the above said Invoices with interest time and again. Respondent by its letter dated 16th February, 2015 acknowledged its liability to pay the amount against the above said Invoices with accrued interest. Applicant claimed Rs. 2,25,358/- towards amounts mentioned in the Invoices and Rs. 2,12,713/- towards interest for delayed payment at the rate of 18% p.a. In all, Applicant claimed Rs. 4,38,071/-.
(3.) Applicant issued legal notice dated 22nd August, 2016 to the Respondent claiming the amount. Again, Applicant issued another legal notice dated 8th September, 2016 claiming the amount as stated above. Applicant issued another legal notice dated 8th December, 2016 claiming the amount as aforesaid. On 16.2.2015, Respondent wrote a letter to Chief Executive Officer of M/s. Beeta Kone Tools acknowledging the liability and seeking time to pay the amount.;