R.P. Nagrath, Member - (1.) This petition is filed by the 'Operational Creditor' under section 9 of the Insolvency and Bankruptcy Code, 2016 in Form 5 as prescribed in rule 6(1) of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 (for brevity, the Rules) for initiating the insolvency resolution process against the corporate debtor. The applicant is proprietor of M/s. Kapil Dev Kansal, Commission Agents and there is affidavit filed by Kapil Dev Kansal aforesaid in support of the contents of the application.
(2.) The respondent-corporate debtor was incorporated as a company on 25.03.2008 and allotted CIN No. U1712/Pb-2008PTC031787. Its authorized share capital is Rs. 1,00,00,000/- with paid up capital of Rs. 87,88,380/-. The corporate debtor has its registered office in District Barnala, Punjab and, therefore, the matter falls within the territorial jurisdiction of this Tribunal.
(3.) The respondent purchased goods for the period from18.02.2015 to 01.03.2016 of the total value of Rs. 2,94,217.24/- out of which some payments were made and the amount due is stated to be Rs. 2,77,906.92/-. Otherwise there was running account of transactions between the parties and an amount of Rs. 16,311.57/- was adjusted in the first invoice No.168 of 18.02.2015 when the corporate debtor had issued a cheque of Rs. 3,00,000/- of the payment of outstanding bills on 10.11.2015.;