- (1.) The petitioner has filed this application u/s 9 of the IBC, 2016 (hereinafter referred to as 'Code') claiming to be an Operational Creditor.
(2.) As per the submissions made, the Operational Creditor is engaged in the business of manufacturing batteries and Investors etc. During the course of its business, it had supplied goods to one of its Distributors, the respondent (herein referred to as Corporate Debtor) . The Operational Creditor has been maintaining a running account for the goods supplied to the Corporate Debtor and prays for initiation of the Insolvency Resolution Process against them as they are in default of payment of Rs. 3,21,54.784.81/- .In addition to their outstanding liability further liability towards payment of interest compounded at the rate of 24% per annum is also claimed. It is submitted that despite demands made from time to time, the Corporate Debtor has failed to liquidate its liability. 2 The present petition has been filed in the form and manner prescribed under the Code. Notice of demand under section 8 of the Code annexed with the copies of the invoices and delivery receipts from April 2015 to April 2016 were duly sent to the Corporate Debtor. The petitioner has been maintaining a ledger account recording the statement of the debit and credit entries in the running account with the Corporate Debtor which reflects an outstanding liability of Rs. 3,21,54,784.81/- towards the unpaid bills. It is submitted that in acknowledgment this outstanding liability, the Corporate Debtor had tendered two demand cheques in the sums of Rs. 25. 00,000/-and Rs. 20,00,000/-. Both these cheques being number 375720 and 375722, dated 11.05.2016, raised on Axis Bank, were returned unpaid with the remarks "insufficient funds" and "Payment stopped by the drawer".
(3.) The Operational Creditor has complied with the mandatory provisions of Section 9 (3) (a) , (b) & (c) . Copies of the invoices and delivery challans sent along with their demand notice dated 04.05.2017 to the Corporate Debtor have been placed on record along with their postal record. The applicant submits that the Corporate Debtor has not raised any dispute with respect to the unpaid operational debt and an affidavit has been filed as required u/s 9(3) (b) . Further, apart from the statement of their Account, duly certified by the Banker, a letter issued by their Bank viz. IDBI Bank certifying that no credit has been made in the account of the Operational Creditor against the dishonoured instrument of Rs.20,00.000/- is on record.;