- (1.) The present Company Petition bearing CP (IB) No. 17/9/HDB/2017 is filed by Gandhar Oil Refinery (India) Limited, under Section 9 of the Insolvency and Bankruptcy Code, 2016 R/w Rule 6 of I & B (Application to Adjudicating Authority) Rules, 2016, by inter-alia seeking to initiate Corporate Insolvency Resolution process (CIRP) in respect of Ind-Barath Thermal Power Limited.
(2.) Brief facts, leading to filing of the present Company Petition, are as under: (a) M/s. Ind-Barath Thermal Power Limited (Respondent / Corporate Debtor) has placed orders with Gandhar Oil Refinery (India) Limited (Petitioner / Operational Creditor) for supply of Indonesian Steam Non Coking Coal vide purchase orders dated 25.04.2015 and 20.05.2015. Accordingly, the Corporate Debtor entered into two separate High Seas Sales (HSS) Agreements dated 26.06.2015 and 12.08.2015 respectively. Subsequently, the Operational Creditor went on to deliver the coal as promised by 12.07.2015 with respect to purchase order dated 25.04.2015 and by 24.08.2015 with respect to the purchase order dated 20.05.2015. The Delivery has been recorded and verified via the Port Discharge reports for both the consignments and the Debtor had not raised any objection or demur as to the work executed by the Applicant in respect of the price and quality thereof. (b) Thereafter the petitioner raised their respective invoices in respect of the said two purchase orders totalling to Rs. 30,94,22,203/- which were duly accepted and acknowledged by the Corporate Debtor. (c) The Operational Creditor has also received n email dated 21.07.2016 from the Corporate Debtor, who has shared a ledger confirming the total outstanding as Rs.25,09,70,156/-. (d) In spite of numerous efforts being made by the Petitioner / Operational Creditors, the Corporate Debtor failed to pay outstanding amount leading to the issue of demand notice dated 25.10.2017, demanding the Corporate Debtor to pay the principle amount of Rs. 30,94,22,203/- with interest. (e) When the efforts of the Petitioner / Operational Creditor to get dues failed, the present Company Petition is filed by seeking to initiate CIRP in respect of the Corporate Debtor.
(3.) Heard Shri N. Vinesh Raj and Shri P. Srinivas, Ld. Counsels for the Petitioner Company and Shri Yogesh Jagiya and Shri D.V.A.S. Ravi Prasad, Learned Counsels for the Respondent.;