K. Anantha Padmanabha Swamy, Member - (1.) Under Consideration is a Company Petition filed by Shah Brothers Ispat Private Limited (in short, 'Petitioner/Operational Creditor') against Tech Megacorp International Private Limited (in short, 'Respondent/Corporate Debtor') under section 433(e) and (f), 434(i)(a) and 439(i)(b) of the Companies Act, 1956 before the Hon'ble Madras High Court which has been transferred to this tribunal pursuant to the Companies (Transfer of Pending Proceedings) Rules, 2016. Now, pursuant to the Central Government notification number GSR 119(E) dated 07.12.2017, this petition needs determination as per the provisions of the Insolvency and Bankruptcy Code 2016 (In short, 'IB Code 2016').
(2.) Before proceeding with this matter, it would be appropriate to make a note of background facts for the purpose of determination of this petition.
(3.) Shri Aran Karthik Mohan, the learned counsel appearing on behalf of the petitioner/OC submitted that the Petitioner is a supplier of Boiler/Pressure Vessel Quality Steel & structural steel plates and hot rolled coils whereas the Respondent/CD is involved in design, engineering and fabrication of components for power/petrochemical industries. It is submitted that the respondent procured steel from the petitioner/OC from time to time and consequently, various invoices were raised. The purchase order issued by the respondent company provided for interest @ 18% per annum on delayed payments.;