Bikki Raveendra Babu, Member - (1.) Kadillac Chemicals Private Limited (KCPL) filed this petition styling it as operational creditor under Section 9 of The Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as "the Code") read with Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 (hereinafter referred to as "the Rules") with a prayer to trigger Corporate Insolvency process in respect of Shakti Bio Science Limited (SBSL) styling it as corporate debtor.
(2.) Sbsl is a company incorporated in the year 1995 and it is carrying on manufacturing bulk drugs and intermediates. KCPL supplied various chemical materials to SBSL from 10.06.2013 on sale basis for a total amount of Rs. 2,04,89,209/-. As against it, SBSL PAID Rs. 1,35,63,492/- leaving outstanding of Rs. 69,25,717/- till 17.10.2013. As per the purchase orders, the credit limit is only thirty days. SBSL issued cheque bearing No. 833604 for Rs. 22,01,782/- towards part payment but it was dishonoured on 02.09.2013. SBSL used to make part payments of running account basis. Accordingly, SBSL made payments of Rs. 47,69,709.64 after 17.10.2013 till the date of filing this petition. Details of payment are provided herein below: JUDGEMENT_203_LAWS(NCLT)2_2018_1.html
(3.) Aforesaid payments were adjusted against outstanding amount in sale of material worth Rs. 69,25,717/- leaving outstanding of Rs. 21,56,007.36. MOU was entered between KCPL and SBSL on 31.10.2013 for job work. As per the MOU, SBSL shall supply material to KCPL and KCPL has to carry out job work and supply finished goods. Charge for job work is Rs. 42/- per kg. of finished goods produced. KCPL raised the following invoices in job work and other charges such as freight, packaging etc. are as under: JUDGEMENT_203_LAWS(NCLT)2_2018_2.html;