Vijai Pratap Singh, Member - (1.) The Applicant Calcutta Ispat Pvt. Ltd. has filed this application under Sec. 9 of Insolvency and Bankruptcy Code, 2016 read with Rule 6 of the Insolvency & Bankruptcy (Application to Adjudicating Authority) Rules, 2016 for initiation of corporate insolvency resolution process against the corporate debtor, M/s. Om Shakti Smelters Pvt. Ltd. The brief facts of the case, as given in Part IV in Form 5, are that a sum of Rs. 57,00,000/- along with interest @ 1896 calculated from 1/1/2015 till filing of the application comes to Rs. 20,00,000/- and, as such Rs. 77,00,000/- is the amount due for which the operational creditor has filed this application.
(2.) The petitioner has stated in the petition that as per purchase order the debtor company was to dispatch the ordered goods within 70 days of payment of 80% of the total value towards advance (Rs. 27,00,000/- on 31/7/2014, Rs. 10,00,000/- on 16/10/2014 and Rs. 20,00,000/- on 16/10/000/-) which was duly credited by the operational creditor on 16/10/2014. But, the corporate debtor defaulted in supply the ordered goods which it was entitled from 31/12/2014 i.e. within 70 days from the date of 80% of the advance payment. But the corporate debtor failed to supply the ordered goods not only in the stipulated period of 70 days, but it failed to supply the ordered goods throughout the year 2015. The operational creditor verbally cancelled the said purchase order dated 24/7/2014 and asked for refund of the advance amount with interest which the corporate debtor company agreed but did not refunded the amount.
(3.) The petitioner in support of its case has annexed with the petition the purchase order dated 24/7/2014; copy of the ledger statement for the period 1/4/2014 to 31/3/2015; sundry debtors; notice under Secs. 433, 434 and 439 of the Companies Act, 1956 and receipt of registered letter along with track report from the Postal Department. The petition has been filed by one Ankit Kumar Agarwal, as Director of the corporate debtor, Calcutta Ispat Pvt. Ltd.;