- (1.) The present Company Petition bearing CP (IB) No. 16/9/HDB/2017 is filed by Gandhar Oil Refinery (India) Limited, under Section 9 of the Insolvency and Bankruptcy Code, 2016, R/w Rule 6 of I & B (Application to Adjudicating Authority) Rules, 2016, by inter-alia seeking to initiate Corporate Insolvency Resolution process (CIRP) in respect of Ind-Barath Power Gencom Limited.
(2.) Brief facts, leading to filing of the present Company Petition, are as under:- (a) M/s. Ind-Barath Power Gencom Limited (Respondent / Corporate Debtor) has placed orders with Gandhar Oil Refinery (India) Limited (Petitioner / Operational Creditor) for supply of Indonesian Steam Non Coking Coal vide purchase orders between August, 2014 and April, 2017. Between August, 2014 and April, 2017, the Operational Creditor raised sales invoices for an amount of Rs. 142,78,53,292/- against which there was a sales return for the amount of Rs. 14,55,33,370/- constituting net sales of Rs.128,23,19,222/-. (b) Between December 2015 and May 2017, the Corporate Debtor paid an amount of Rs. 112,09,46,524/- to the Operational Creditor which was adjusted against the invoices raised by the Operational Creditor between August 14, 2014 and April 13,2017 on FIFO basis. (c) Further various debit notes and credit notes have been exchanged between the Operational Creditor and Corporate Debtor from March 2015 to August 2017 resulting in the net effect of Rs.5,83,54,811/-payable by the Corporate Debtor to the Operational Creditor. (d) The total outstanding debt claimed by the Operational Creditor is Rs. 34,41,47,227/- (e) In spite of numerous efforts being made by the Petitioner / Operational Creditors, the Corporate Debtor failed to pay outstanding amount leading to the issue of demand notice dated 30.10.2017, demanding the Corporate Debtor to pay the principle amount of Rs. 30,94,22,203/- with interest. (f) When the efforts of the Petitioner / Operational Creditor to get dues failed, the present Company-Petition is filed by seeking to initiate CIRP in respect of the Corporate Debtor.
(3.) Heard Shri N. Vinesh Raj and Shri P. Srinivas, Ld. Counsels for the Petitioner Company and Shri Yogesh Jagiya and Shri D.V.A.S. Ravi Prasad, Learned Counsels for the Respondent.;