Jinan K.R., Member - (1.) The petitioner has filed this application under Sec.9 of the Insolvency & Bankruptcy Code, 2016 (hereinafter referred to as I & B Code) 2016 read with Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 (hereinafter referred to Adjudicating Authority Rules, 2016) for initiation of corporate insolvency process against corporate debtor, Pearson Drums & Barrels (P) Ltd.
(2.) Brief facts of the case are the following:- The applicant operational creditor is Maldar Barrels (P) Ltd. whose identification No. is U28129MH1986PTC039258 and having its registered office at Maharashtra 410208. The Corporate debtor is Pearson Drums & Barrels Private Ltd. whose identification No. Is U28992WB1989PTC046520 having its registered office at Kolkata. The petitioner is engaged in the business of manufacturing and trading of metal and plastic barrels and drums and trading of iron and steel products, and in the usual course of business, the corporate debtor approached the operational creditor for the purchase of C.R Coils. The petitioner had supplied the goods to the corporate debtor and had raised invoices upon the corporate debtor from time to time. True copies of the invoices are annexed and marked as Annexure 'B'.
(3.) The petitioner has stated that the Corporate Debtor made default in the payment of Rs.8,82,11,723(Rupees Eight Crores Eighty-Two Lakhs Eleven Thousand Seven Hundred Twenty Three only) inclusive of interest @21% p.a as on August 09, 2017. All the details of the amount in default and dates on which default occurred is marked and annexed as Annexure-'A'. The petitioner has further stated that the corporate debtor has to make payment to the petitioner creditor. Pursuant to the said purchase order/contract the petitioner had supplied the goods to the Corporate Debtor worth approx. Rs.2,40,08,624/- (Rupees Two Crores Forty Lakhs Eight Thousand Six Hundred Twenty-four only) and initially the respondent corporate debtor was making part payment of the said invoices for a sum of Rs. 20,04,79,817 ( Rupees Twenty Crores Four Lakhs Seventynine Thousands Eight hundred Seventeen only) wherein the last of such part payments, being an aggregate sum of Rs.27,50,000/- (Rupees Twentyseven Lakhs Fifty Thousands only) was received by the petitioner between April and July 2017, leaving a principal sum of Rs.4,75,28,807/- (Rupees Four Crores Seventy-five Lakhs Twenty-eight Thousands Eight Hundred Seven only) as outstanding dues payable to the petitioner. The petitioner has also issued the VAT confirmation certificate to the corporate debtor in respect of all the goods supplied to the Corporate Debtor, and the corporate debtor has also claimed CENVAT (Credit of Excise Duty) and VAT set off on the basis of the VAT Confirmation Certificate on entire amount/value of the goods supplied by the petitioner and to which the corporate debtor has never sought any reversal /variation of the CENVAT credit of Excise Duty and VAT Set off claimed by the Corporate Debtor. True copies of the VAT Confirmation Certificates issued by the Operational Creditor to the Corporate Debtor for the Years 2010-11,2011-12,2012-13 and 2013-14 are marked as Annexure 'C.;