- (1.) The petitioner M/s. VDS Plastics Private Limited, a company engaged in the business of manufacturing and supply of electrical plastic moulded components has claimed to be an Operational Creditor within the definition as provided for in the Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as the "Code"), and has prayed for initiation of Insolvency Resolution Process against the Respondent/Corporate Debtor on grounds on an outstanding liability of Rs. 90,80,976/-, against invoices raised for supplying them goods.
(2.) The Operational Creditor had taken steps as required under section 8 of the Code, issuing a demand notice dated 23.02.2017 for the unpaid operational debt of above mentioned. The applicant submits that no reply has been received from the Corporate Debtor. An affidavit as mandated under section 9(3)(b) of the Code has been filed deposing that no reply has been received from the Corporate Debtor disputing the unpaid operational debt.
(3.) The Operational Creditor has also relied upon its ledger Account maintained in respect of the transactions with the Corporate Debtor and its Balance Sheets for the year 2014-2015 and 2015-2016 duly recording the unpaid operational debt of Rs. 90,80,976/- The same are annexed to the petition.;