V. Nallasenapathy, Member - (1.) Lark Chemicals Pvt. Ltd. (hereinafter called 'Applicant') has sought the Corporate Insolvency Resolution Process on Goa Antibiotics and Pharmaceuticals Ltd. (hereinafter called the 'Corporate Debtor') on the ground, that the Corporate Debtor committed default on 25.11.1998 onwards in repayment of principle amount of Rs. 1,11,30,063/- along with interest of Rs. 4,38,00,611/- calculated @ 30% per annum till 10.05.2017 and also claiming further interest @ 30% per annum from 11.05.2017, under Section 9 of Insolvency and Bankruptcy Code, 2016 (hereafter called the 'Code') read with Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016.
(2.) The Applicant states that the Corporate Debtor was declared as Sick Company under Sick Industrial Companies (Special Provisions) Act, 1985 (SICA) on 15.07.1998 and remained under the purview of SICA up till 02.06.2014. The Applicant filed representation on 16.09.2005 before Board for Industrial & Financial Reconstruction (BIFR) requesting for permission under Section 22(1) of SICA to take legal action against the Corporate Debtor outside the BIFR proceedings, which was turned down and the Appeal filed before the Appellate Authority for Industrial & Financial Reconstruction (AAIFR) was also dismissed.
(3.) The Applicant states that it has supplied goods to the Corporate Debtor from 24.08.1998 to 24.02.2003 for which invoices and delivery challans were enclosed. The invoices provide that interest @ 30% will be charged on bill not paid on due date or on demand. The Applicant has sent demand notice on 10.05.2017 to the Corporate Debtor claiming a sum of Rs. 5,49,30,674/- as of 10.05.2017 including interest at 30% p.a. The notice further provides that if the Corporate Debtor disputes the existence or amount of unpaid operational debt in default, the pendency of suit or arbitration proceedings in relation to such dispute filed before the receipt of the said letter or the repayment of debt, if any, be brought to the knowledge of the Applicant within 10 days of receipt of the demand notice. The Applicant filed an affidavit stating that the above said demand notice was delivered to Corporate Debtor on 13.05.2017 and there was no reply from the Corporate Debtor. Hence, this Petition.;