Ina Malhotra, Member - (1.) The Respondent/Corporate Debtor is engaged in the business of manufacture and supply of fertilizers. It had entered into an agreement with the Petitioner on 03.05.2014 for erection and commissioning of a Zinc Sulphate Mono Hydrant Rant of 50 MTPD capacity. In addition to the setting up of the plant, the agreement provide for project management, site supervision and other engineering expertise including training of staff for operating the plant. The total price for commissioning was agreed at Rs. 10,01,00,000/-, cif Shahjahanpur, Service Tax etc. was to be paid in addition. The entire project: was entrusted to the Petitioner from the stage of conceptualising the design till the desired output of the finished product could be made marketable. The time frame for completion was also an important factor, as the production had to meet the market demand. However, all civil construction was to be done by the Corporate Debtor themselves.
(2.) It is the Petitioner's case that against the invoices raised on the Respondent which included the tax liability undertaken to be paid by them, they have received an amount against of Rs. 10,16,47,601/- leaving a balance of Rs. 81,48,130.56/- as the outstanding debt. Despite various reminders it is averred that the Respondent has failed to liquidate this liability and therefore, the present petition has been filed by the Petitioner as an Operational Creditor seeking initiation of Corporate Insolvency Resolution Process of the Respondent/Corporate Debtor under Section 9 of the Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as the Code) on grounds of their recoverable debt. The said petition, which has been filed by a duly authorised person, is in the required format. Notice under Section 8 of the Code had been sent to the Corporate Debtor. Compliance of the mandatory provisions of Section 9(3)(b) and 9(3)(c) have also been placed on record.
(3.) The Respondents, on entering appearance, have resisted the prayer of the Operational Creditor. The liability is disputed on various grounds The Ld. Counsel for the Corporate Debtor submits that the disputes in respect of various factors have been in existence for long a fact which has been suppressed by the Operational Creditor.;