Ina Malhotra, Member - (1.) The petitioner, as an Operational Creditor, has prayed for initiation of Corporate Insolvency Process against the Respondent Corporate Debtor. As per allegations, at the request of the Corporate Debtor, the Operational Creditor had supplied 3 Liugong Loader CGL 856 equipments for its project carried out in the State of Bihar. An agreement was duly entered into 14.11.2015 regarding the terms and conditions of supply. The total consideration for the transactions was agreed at Rs. 39 lakhs which was to be paid in 15 equated monthly instalments of Rs. 2,60,000/- payable w.e.f. 21st January, 2016. The same was disbursed by way of cheques. It is submitted that on execution of the aforesaid agreement the Operational Creditor delivered the equipment to the Corporate Debtor and received 15 post dated cheques in discharge of the liability towards the cost of equipment. It is the grievance of the Operational Creditor that the aforesaid cheques upon presentation returned dishonoured. Despite repeated demands, the Corporate Debtor has failed to take any steps to pay the same. A case under Section 138/441 of the Negotiation Instruments Act, 1881 was then filed before the Ld. Metropolitan Magistrate, Kolkata.
(2.) In view of the total silence on the part of the Corporate Debtor, the Applicant/Operational Creditor issued a notice under Section 8 of the Code which was not replied to. Thereafter, the petitioner applicant filed the present petition in the required format, along with the supporting affidavit that no notice of dispute has been raised. The petitioner has also annexed a statement of his Bank Account reflecting that there has been no credit of any of the amounts under the dishonoured cheques.
(3.) The respondent was served with the notice of this petition vide various modes but none appeared on their behalf. As the submissions made on behalf of the Operational Creditor remain unrebutted, the Adjudicating Authority proceeds to consider the Operational Creditor's case on merits.;