Ch Mohd Sharief Tariq, Member - (1.) Under Adjudication is CP/656/(IB) /CB/2017 that has been filed by the Operational Creditor under Section 9 of the Insolvency & Bankruptcy Code 2016 (in short, 1&B Code, 2016') r/w the Insolvency & Bankruptcy (Application to Adjudicating Authority Rules, 2016) . The prayer made is to admit the Application, to initiate the Corporate Insolvency Resolution Process against the Corporate Debtor, declare moratorium and appoint Interim Resolution Professional (IRP) under the Insolvency and Bankruptcy Code, 2016 (I&B Code) .
(2.) Heard the Counsel for the Operational Creditor and perused the record. As seen from the Order dated 15.12.2017, a direction was given to the Operational Creditor for serving notice by way of substituted service on the Corporate Debtor, since the notice sent earlier has been returned with an endorsement "no such addressee". Pursuant to the Order dated 15.12.2017, the Operational Creditor has published the notice for service on Corporate Debtor one in English "The Times of India" and another in verna cular language in "Dina Malar" on the same date. The proof of which has been placed on record along with an Affidavit. The service against Corporate Debtor is held sufficient. Therefore, the Corporate Debtor was proceeded ex-parte on 05.01.2018.
(3.) The Operational Creditor claimed an outstanding debt to the tune of Rs. 1,77,17,644/-. The Operational Creditor is in the business of generating and supplying Electricity/Power/Energy. The Operational Creditor and the Corporate Debtor had entered into an agreement i.e., 'Power Trade Agreement' on 15.09.2014 for supply of power in units by way of trader commission/service charges at the rate of Rs.0.02/-per kwhr (including tax) on the units billed to the consumer/s. In terms of the said agreement, the Corporate Debtor had placed orders for supply power with the Operational Creditor. Thereafter, the Operational Creditor raised invoices dated 31.05.2015 and 30.06.2015.;