Ina Malhotra, Member - (1.) This petition has been filed under Section 9 of the Insolvency and Bankruptcy Code, 2016 (herein after referred to as Code). The petitioner has claimed to be an Operational Creditor and has prayed for an initiation of Corporate Insolvency Resolution Process against the Respondent Corporate Debtor who has failed to make payments for the goods supplied. As per averments, the Operational Creditor supplied goods from time to time and raised invoices from April 2014 to October, 2014 for a total sum of Rs. 2,21,88,660/-. The Corporate Debtor duly acknowledged his liability and made part payment of Rs. 1,66,24,393/- leaving the outstanding balance of Rs. 55,64,267/-. The Operational Creditor seeks to recover this amount along with the interest @ 36% per annum as per the terms and conditions on the invoice in respect of delayed payment.
(2.) To initiate the present proceedings, the Operational Creditor has issued notice under Section 8(1) of the Code. The same was not replied to. Compliance of the mandatory provisions of Section 9(3)(a)(b)(c) has also been made. The Operational Creditor has filed the statement of its ledger accounts reflecting the debit and credit balances as well as the annual balance confirmation statement by the Corporate Debtor. The confirmation of balance on 1st August, 2017, as Rs. 55,64,267/- was duly confirmed by the Corporate Debtor. The certificate by the Operational Creditor's Banker has also been filed in compliance of Section 9(3)(c) of the Code certifying that the last payment received from the Corporate Debtor in the account of the Operational Creditor was on 14.10.2016.
(3.) On notice being served on the Corporate Debtor, Mr. Vikrant Mahajan, Director of the Respondent Corporate Debtor appeared in person. He did not wish to file his reply nor contest the prayer made in the petition. In fact he admitted the amount due to the petitioner but submitted that since the Corporate Debtor has not been in business for the last 2 years, he is unable to liquidate his final debt.;