B.S.V. Prakash Kumar, Member - (1.) It is Company Petition filed u/s. 9 of Insolvency & Bankruptcy Code (Code) by the Operational Creditor against the Corporate Debtor on the ground that the Petitioner raised invoices dated 31.07.2014 for an amount of Rs. 3,57,160 and another invoice dated 16.09.2014 for an amount of Rs. 2,49,184 towards the goods namely polymers supplied to the Corporate Debtor, when this Debtor failed to make payment against the amounts raised through above mentioned invoices, the Petitioner issued Section-8 Notice on 10.06.2017 under IB Code, since neither payment has been made nor the corporate debtor replied to Section-8 Notice within 10 days from the date of receipt of Section-8 notice, the Petitioner filed this petition for initiation of Insolvency Resolution Process under the Code against this Corporate Debtor, hence this Petition.
(2.) Looking at the facts of the case, we have ascertained that the Petitioner sent Section 8 notice for two invoices dated 31.07.2014 and 16.09.2014 for payment, since this Petitioner has not received the aforesaid amounts, the Petitioner filed this Petition on 22.08.2017 u/s. 9 of Code, by the time one of the invoices raised on 31.07.2014 was time barred.
(3.) Therefore, now the point to be decided is as to whether or not this petition should be admitted u/s. 9 when one of the invoices is time barred by the time Company Petition filed.;