VESUVIUS INDIA LTD Vs. FENACE AUTO LTD

JUDGEMENT

(1.) This is an application filed under section 9 of the Insolvency and Bankruptcy Code, 2016 (for brevity 'the Code') read with Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 (for brevity 'the Rule') with a prayer for initiation of Corporate Insolvency Resolution Process in respect of respondent company, claimed to be the corporate debtor.

(2.) The Respondent M/s. Fenace Auto Limited, against whom initiation of Corporate Insolvency Resolution Process has been prayed for, is a company incorporated under the companies Act, 1956 having its registered office at 7th Floor, DTJ-701 DLF Tower, Jasola (Tower-B) , New Delhi-110025. Since the registered office of the respondent company is in Delhi, this Tribunal having territorial jurisdiction over the place is the Adjudicating Authority in relation to the prayer for initiation of Corporate Insolvency Resolution Process in respect of respondent corporate debtor under sub-section (1) of Section 60 of the Code.

(3.) It is the case of applicant that the applicant company M/s. Vesuvius India Ltd. is a subsidiary of Vesuvius Group Limited, U.K. and is a leading manufacturer of ceramic refractory and other allied products. The applicant has supplied several materials and goods to respondent on credit. Further it has been submitted that a running account in the name of respondent was being maintained by the applicant for the invoices made in the name of the respondent. The respondent has been defaulting on its payments since 30.09.2015 and even after several reminders the respondent has failed to pay their debt against Invoice No. MH012642, MH012898 and MH014588. Details of the said invoices are as below: