Ch Mohd Sharief Tariq, Member - (1.) Under consideration is the Petition that came to be filed before Hon'ble High Court of Madras on 10.12.2016 under Sections 433 (e) 8b (f) , 434 (i) (a) and 439 (i) & (b) of the Companies Act 1956 for winding up of the Respondent Company. After the enforcement of the Insolvency and Bankruptcy Code, 2016 (I&B Code, 2016, for short) , the same has been transferred to this Bench, renumbered as TCP/413/(IB) /CB/2017 and treated under Section 9 of the I& B Code, 2016. The prayer made is to admit the Application, to initiate the Corporate Insolvency Resolution Process against the Corporate Debtor, declare moratorium and appoint Interim Resolution Professional (IRP) under the Insolvency and Bankruptcy Code, 2016 (I&B Code) .
(2.) Heard the Counsels for the Operational Creditor and the Corporate Debtor and perused the record.
(3.) The Operational Creditor claimed the outstanding debt to the tune of Rs.3,57,62,497/- along with 21% interest as on 30.09.2015. The basis of the claim is that the Corporate Debtor approached the Operational Creditor for purchase of electronic items for the purpose of executing the job assigned by KBL to the Corporate Debtor. Pursuant to which, the Corporate Debtor placed a purchase order dated 16.02.2010 for the purchase of Transformer 6.6 KV and Rectifier 150 VDC, 3500 ADC for an amount of Rs. 1,75,00,000/- (Rupees One Crore Seventy Five Lakhs Only) . The Operational Creditor accepted the offer of the Corporate Debtor and supplied the material. The Operational Creditor raised an invoice for the supply of Transformer 6.6. KV and Rectifier 150 VDC, 3500 ADC (3 Nos.) and mandatory spares for Transformer and Rectifier with the elaborate list of spare at the cost of Rs. 1,96,88,550 (Rupees One Crore Ninety Six Lakhs Eighty Eight Thousand Five Hundred and Fifty Only) . But, no payment was made. The Operational Creditor has given the Demand Notice on 09.03.2012 and the Corporate Debtor given the reply on 24.03.2012 stating that the Corporate Debtor agrees to pay the actual amount due. The copies of the notice and reply are placed at pages 174 and 176 of the typed set filed with the Petition. Then a notice under Section 433 and 434 of Companies Act 1956 was given on 30.09.2015 by the Operational Creditor, to which reply was given on 15.11.2015 by the Corporate Debtor. The copies of the same are placed at pages 209 and 216 of the typed set filed with the Petition. It is also on record that the Operational Creditor has filed the Civil Suit OS No. 923/2012 which is said to have been decreed in favour of the Plaintiff/Operational Creditor on 20.07.2016. Based on these facts, the amount mentioned above is being claimed by the Operational Creditor from the Corporate Debtor. The Operational Creditor has filed the Affidavit under Section 9(3) (b) of the I&B Code, 2016 stating therejnthat the Corporate Debtor has not given any notice as regards any pending litigations or arbitration proceedings initiated by it in connection with the payment of the outstanding debt. The Bank certificate under Section 9 (3) (c) of the I&B Code, 2016 is also placed on record. The certificate issued by the Punjab National Bank on 10.07.2017 reflects that no payment has been made by the Corporate Debtor to the accounts of the operational credit.;