- (1.) Per SMT. INA MALHOTRA, MEMBER (J) The petitioner, as Operational Creditor has prayed for initiation of Corporate Insolvency Resolution Process invoking the provisions of Section 9 of the Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as "Code") .
(2.) As per averments made in the said petition, the Operational Creditor is engaged in the business of Freight Forwarding. It rendered services to the Corporate Debtor for about 2 years. However, from November2016 the Corporate Debtor has defaulted in remitting the amounts under some invoices giving rise to an Operational Debt.
(3.) It is the case of the Operational Creditor that they had duly discharged their part of work to the satisfaction of the Corporate Debtor and no dispute had been raised in respect of the services rendered. Even otherwise, as per Clause 2 of the invoices, discrepancy if any, had to be raised within the period of 7 days as mentioned in the invoices. The said Clause is reproduced as under: "Any Discrepancy should be notified to us in writing within 7 days from the invoice date, otherwise it will be presumed that the amount refected on the bill is correct and have been verified at your end. Payment must be received within the credit period, failing which interest @24% per annum will be charged on overdue invoices. All objections/ claims subject to Delhi Jurisdiction".;