Mohd. Sharief Tariq, Member - (1.) Under adjudication is an application filed under Sections 9 of the Insolvency and Bankruptcy Code, 2016 (I & B Code 2016, for short) by the Operational Creditor, the detailed grounds have been referred therein. The prayer made is to admit the application and to initiate the Corporate Insolvency Resolution Process under the I & B Code, 2016, by appointing an Interim Insolvency Resolution Professional. The present Petition has been filed by the Operational Creditor before Hon'ble High Court of Madras way back in December, 2016 and the same has been transferred before this Bench and renumbered as TCP/73/(IB)/CB/2017. Heard the Counsel appearing on behalf of the Operational Creditor and Corporate Debtor and perused the Petition along with the documents placed on record. Counsel for the Corporate Debtor vehemently submitted for grant of two days but without any reason. Therefore, her submission is rejected.
(2.) The Applicant/Petitioner is Operational Creditor who has supplied dyes and other chemicals for processing of leather to the Respondent Corporate Debtor. At present, the outstanding debt is Rs. 50,81,943/-, with interest, it comes to Rs. 90,71,755/-. The Operation Creditor at the time of filing the Petition issued statutory notice dated 20.10.2016, which is placed at page 180 of the typed set of papers to which the reply was given by the Corporate Debtor after the filing of the Petition. In the reply, it has been stated that the Operational Creditor may provide the correct accounts and the payment be made accordingly.
(3.) In short, the Corporate Debtor has admitted the liability to the tune of Rs. 50,71,821/-, as on 01.04.2014, but failed to make payment of the outstanding debt. The Operational Creditor has also filed an Affidavit and the Bank certificate by complying with the provisions of Section 9(3)(b) and (c) of the I & B Code, 2016. In the Affidavit, under para 6, it has been deposed that no notice has been given by the Corporate Debtor with regard to the existence of dispute pertaining to the unpaid debt. The Bank certificate also reflects that the Corporate Debtor has not paid the outstanding debt. Therefore, TCP/73/(IB)/CB/2017 is admitted and we order the commencement of the Corporate Insolvency Resolution process which ordinarily shall get completed within 180 days, reckoning from the day this order is passed.;