SINGHANIA INTERNATIONAL LIMITED Vs. SHAM UDYOG LIMITED

JUDGEMENT

(1.) This petition is filed under Section 9 of the Insolvency and Bankruptcy Code, 2016 (for short to be referred hereinafter as the "Code') for initiating insolvency resolution process against the Corporate Debtor. The application has been filed in Form No.5 as provided in Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 (for brevity, the 'Rules') . The petitioner is a company incorporated under the Companies Act, 1956 and has authorised Mr. Anshul Singhania, Director of the company to file this petition as per resolution of Board of Directors of the petitioner-company dated 18.07.2017, Annexure-2. The resolution specifically authorises the filing of the petition under the Code against the Corporate Debtor.

(2.) The respondent company was incorporated on 03.01.1989 having its authorised share capital of Rs. 2 crores and paid-up capital of Rs. 1.5 crores. The Memorandum and Articles of Association are at Annexrure-1. The registered office of the respondent-corporate debtor is at Malerkotla, Punjab and therefore, the matter falls within the territorial jurisdiction of this Tribunal.

(3.) The facts, briefly stated, are that the petitioner supplied goods to the respondent-corporate debtor vide 26 bills during the period from 11.11.2013 to 31.12.2013 for a total sum of Rs. 12,89,955.85/-. Copy of the bills/invoices are at Annexure-5 (page 128 to 162) of the paper book. The aforesaid is the amount of default claimed in the instant petition. The petitioner has filed details of all the transactions in a tabulated form at Annexure-3 (page 101) . The petitioner also sent a legal notice to the corporate debtor and its directors in the month of February, 2016. The notice dated 25.02.2016 is at Annexure-8A and this was sent by Speed Post for which the postal receipts are at page 173 of the paper book.