V.P Singh, Member - (1.) The Operational Creditor has filed the present application for initiation of Corporate Insolvency Resolution Process in respect of Corporate Debtor under Section 9 of the Insolvency and Bankruptcy Code, 2016. The petitioner, operational creditor namely Agarwal Coal Corporation Pvt. Ltd. has filed an application Under Section 9 read with Rule 6 of the Insolvency and Bankruptcy Code 2016 for (hereinafter called as "Code") initiating Insolvency Resolution Process against the respondent Company/ Corporate Debtor Impex Ferro Tech Limited, claiming that the petitioner is an Operational Creditor within the meaning of Section 5 (20) of the Code and the respondent owes operational debt to the petitioner within the meaning of Section 5 (21) of the Code.
(2.) It has also been claimed that the respondent is a defaulter in making the payment of operational debt and the claim is within the period of limitation and well within the jurisdiction of this Bench. The Petitioner/Operational Creditor is engaged in the business of supplying steam coals.
(3.) He has submitted that at the request of the respondent/Corporate Debtor, the operational creditor provided and delivered the said goods on 10thth June 2016 and 15th June 2016 to a corporate Debtor for an aggregate quantity of 135.890 Mtand 92.730 Mt of the said goods at the agreed rate of Rs. 2,761 and 2,724 per MT and VAT at the rate of 5% ad valorem on credit of 90 days and raised two commercial tax invoice No HLD/TI/JUN-16/118 and HLD/TI/JUN-16/122 upon the corporate Debtor on that very day for an aggregate sum of Rs.672142.80. It is further submitted that out of the total payment due against two invoices to the tune of Rs. 672142.8 only part payment of Rs.349281.66/- was made.;