- (1.) It is a Company Petition filed u/s 9 of Insolvency and Bankruptcy Code, 2016 by the Operational Creditor, viz. J J Plastalloy Pvt. Ltd. stating that this Operational Creditor supplied plastic granules and master batches to the Corporate Debtor herein, viz. Santoshi Barrier Film India Pvt. Ltd., upon which, the Operational Creditor raised invoices (Annexures B-l to B-30) raised against the Corporate Debtor from 18.12.2014 to 26.3.2017 for an amount aggregating to Rs. 62,70,916/-, when money was not paid, the operational creditor on 16.8.2017 issued notice u/s 434 of the Companies Act, 1956 (Annexure-F) , then notice (Annexure-G) u/s 8 of the Code on 26.12.2016 against the corporate director. For which also, no response from the corporate debtor, hence this petition.
(2.) Since the Corporate Debtor having failed to make payment of the invoices raised from 14.6.2015 to 26.3.2016 for an amount aggregating to Rs. 27,08,404/-, the Petitioner herein initially issued notice dated 27.9.2016 under Section 434(1) of the Companies Act, 1956. When payment has not been received, the Petitioner again on 26.12.2016 issued statutory notice under Section 8 of the IB Code, 2016 for the same amount along with interest @ 24%. On having received this notice, the Corporate Debtor sent an email on 5.1.2017 stating that it had received demand notice dated 26.12.2016. Responding to the same, it has been informed that it was unable to release payment owing to financial issues. It further says that it would like to assure the Petitioner that the payment would be settled by the end of the current financial year. Despite such a reply came from the Corporate Debtor, the full payment not being paid except part payment of Rs. 5,34,996/- on 19.5.2017 and 20.6.2017, the Petitioner filed this Company Petition under Section 9 of the Code, claiming default amount as Rs. 21,73,408/- along with interest of Rs. 14,69,052/- up to 15.8.2017 to initiate Corporate Insolvency Resolution process against the Corporate Debtor herein.
(3.) Though the Corporate Debtor Counsel appeared all along, she has not disputed any of the facts mentioned in this Company petition nor has any reply been given to Section 8 notice except sending an email on 5.1.2017 making assurance that it would make payment within current financial year. The Counsel appearing on behalf of the Corporate Debtor, though filed Vakalatnama on behalf of the Corporate Debtor, has submitted now that she has no instructions either to contest or not to contest the matter.;