Manorama Kumari, Member - (1.) Heard the Petitioner/operational creditor as well as respondent/Corporate debtor at length The petitioner, operational creditor namely, Pushkar Impex Pvt. Ltd. has filed an application Under Section 9 read with Rule 6 of the Insolvency and Bankruptcy Code 2016 for (hereinafter called as "Code") initiating Insolvency Resolution Process against the respondent Company/ Corporate Debtor Diamond Polymer Private Limited, claiming that the petitioner is an Operational Creditor within the meaning of Section 5 (20) of the Code and the respondent owes operational debt to the petitioner within the meaning of Section 5 (21) of the Code. It has also been claimed that the respondent is a defaulter in making the payment of operational debt and the claim is within the period of limitation and well within the jurisdiction of this Bench. The Petitioner/Operational Creditor is engaged in the business of various types of PVC goods including PVC soles for Hawaii chappals. He has submitted that at the request of the respondent/Corporate Debtor, the operational creditor sold and delivered the said goods on 24th March 2016 to the. corporate Debtor for an aggregate quantity of 1,13,500 kg of the said goods at the agreed rate of Rs. 68.10 per kg and VAT at the rate of 5% advalorem on credit of 90 days and raised 7 commercial tax invoice No.PIPI/15-16/2640 to 46 cum challan upon the corporate Debtor on that very day for an aggregate sum of Rs.81,15,818 vide'Annexure-B'.
(2.) It is further submitted that out of the total dues to the tune of Rs. 81,15,818, part payment of Rs.10,19,036.75/- in respect of invoice No PIPL/15-16/2640 was paid. After Sue,adjustment and appropriation balance amount to the tune of Rs.70,96,781.25 remained due and payable by corporate debtor to the operational creditor on or before 22nd june 2016 but the corporate debtor falied to do so, therefore, the operational creditor is entitled to and claim interest @ 12% per annum on the outstanding dues which comes to Rs.8,516,13.72 w.e.f 23rd June 2016 till 23rd April 2017.the commutation of the amount in default is annexed and marked as 'Annexure-J'. Particulars of the claim (a) Balance price of goods sold Rs.70,96,781.25 and delivered by the operational creditor to the corporate debtor (b) lnterest at the rate of 12% Rs.8,516,13.72 per annum from 23rd June 2016 upto 23rd april 2017. Rs.79,48,394.97
(3.) Operational creditor made several demand upon the corporate debtor at its registered office through special messenger which was duly received by him vide 'Annexure-D' but the coporate Debtor remained silent over the issue.;