- (1.) Per SMT. INA MALHOTRA, MEMBER (J) The present application has been filed u/s 9 of the Insolvency & Bankruptcy Code, 2016, (hereinafter referred to as the "Code") , praying for initiation of Corporate Insolvency Resolution Process to be initiated against the Respondent/ Corporate Debtor on account of their inability to liquidate the operational debt.
(2.) As per averments, the Operational Creditor is a leading company engaged in the manufacture of premium quality PVC compounds and granules, mouldings and lacquers. The Operational Creditor submits that they had been approached by the Corporate Debtor for supply of goods which they did from time to time. However, certain payments amounting to Rs.5,72,894/- still remain unpaid despite several requests and demands. The Operational Creditor had initially filed a petition No.l98(ND) /2017 before this Bench for initiating CIRP which was withdrawn before the petition could be admitted as the Corporate Debtor, in acknowledgement of its outstanding liability had tendered two postdated cheques for Rs.5,73,894/- and Rs.87,000/- being towards the principal amount and the delayed interest, fully assuring the Operational Creditor that the same would be duly honoured. It is however submitted that the cheque for Rs.5,73,894/- on presentation returned dishonoured on 03.10.2017.
(3.) In view of the aforesaid facts, the Petitioner was constrained to issue a Notice u/s 8 of the Code on 16.11.2017 and initiate the present proceedings u/s 9 of IBC, 2016, again as a fresh cause of action had accrued on the basis of the dishonoured cheques tendered towards the unpaid invoices.;