Rajeswara Rao Vittanala, Member - (1.) The present Company Petition bearing CP (IB) No. 292/9/HDB/2017, is filed by Star Mercantile (Petitioner / Operational Creditor) under Section 9 of Insolvency and Bankruptcy Code, 2016, R/w Rule 6 of Insolvency & Bankruptcy (Application to Adjudicating Authority) Rules, 2016, by seeking to initiate Corporate Insolvency Resolution Process (CIRP) in respect of Golden Jubilee Hotels Private Limited (Corporate Debtor) .
(2.) Brief facts, leading to filing of the present company petition, are as follows:- (a) Golden Jubilee Hotels Private Limited (Respondent / Corporate Debtor) was incorporated on 18.12.1996. It has developed / constructed a project called "Trident Project". Its authorised capital is Rs. 3,50,00,00,000/- and paid up capital is Rs. 2,61,61,56,930/-. It is engaged in supply of furniture 85 fittings for various business offices and other consumers. (b) The Corporate Debtor has raised various purchase orders dated 23.07.2012, 16.08.2012, 25.09.2012 and finally on 11.03.2013 for the project for wipro furniture and chair, American Walnut Flooring, Oak Skirting, supply and installation of Decking Wood. In pursuant to the said purchase orders, the Operational Creditor ensured that the Corporate Debtor was supplied with the above said articles / goods as per the above said purchase orders and the Operational Creditor raised invoices for the same. The outstanding amount payable is Rs. 26,75,076/- (Rs. 19,09882/- and interest which amounts to Rs.7,65,194/-) . (c) When the payment was not received from the Corporate Debtor, the Operational Creditor issued a demand notice under Rule 5 (1) of the IBC, 2016 dated 22.08.2017. In reply, the Corporate Debtor contended that the Respondent Company is not liable to pay any amount to the Operational Creditor. The Respondent Company has also raised an objection stating that the Operational Creditor has no remedy as the limitation for the claim has ended in December 2016, whereas even in an email dated 25.11.2014, the Respondent Company has clearly stated that the invoices raised by the Petitioner was due and outstanding, which clearly indicates that the Respondent Company has admitted debt. (d) When the Corporate Debtor failed to pay operational debt owed to the Operational Creditor, The present company petition is filed seeking to initiate CIRP.
(3.) The case is listed on various dates viz. 20.11.2017, 27.11.2017, 06.12.2017, 12.12.2017, 15.12.2017, 22.12.2017, 01.01.2018 and 16.01.2018.;