Ina Malhotra, Member - (1.) This petition has been filed under Section 9 of the Insolvency and Bankruptcy Code, 2016 (herein after referred to as Code) . The petitioner, a registered partnership firm has claimed to be an Operational Creditor and has prayed for initiation of Corporate Insolvency Resolution Process against the Respondent Corporate Debtor who has failed to make payments for the services provided. As per the submissions, the Corporate Debtor, who is engaged in the business of jewellery, availed the services of the operational creditor for publishing advertisements in various newspapers, hoardings etc. The Operational Creditor has maintained a running account and has averred that the Corporate Debtor has an unpaid liability of Rs. 30,08,150/-. They have, therefore, filed the present petition.
(2.) To initiate the present proceedings, the Operational Creditor through its partner, issued notice under Section 8(1) of the Code along with the copies of the invoices and the Statement of the outstanding amount. The same was not replied to. Due Compliance of the mandatory provisions of Section 9(3) (b) (c) has been made. The certificate by the Operational Creditor's Banker viz., Central Bank of India has also been filed in compliance of Section 9 (3) (c) of the Code certifying last amount made in the account of the Operational Creditor was on 10.02.2016.
(3.) On notice being served on the Corporate Debtor, Mr. Rajesh Luthra, Director of the Respondent Corporate Debtor appeared in person. He did not wish to file his reply nor contest the prayer made in the petition. Infact he admitted the amount due to the petitioner, but submitted that since the Corporate Debtor has not been in business for the last 2 years. he is unable to liquidate his financial debt.;