M S MOTORS Vs. PREET TRACTORS PRIVATE LIMITED

JUDGEMENT

(1.) The instant petition is filed by the 'Operational Creditor' under Section 9 of the Insolvency and Bankruptcy Code, 2016 (for short, to be referred hereinafter as the 'Code') in Form 5 as required under Rule 6(1) of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 (for brevity, the 'Rules') for initiating the insolvency resolution process against the 'Corporate Debtor'.

(2.) The petitioner is the sole proprietorship concern of Pritam Singh, proprietor. The respondent is a company incorporated under the Companies Act, 1956 on 31.01.2001 with the Registrar of Companies, Punjab with CIN No. U29211PB2001PTC024193 as per master data (Annexure A-2). The respondent-Corporate Debtor has its registered office at Nabha, District Patiala and, therefore, the matter falls within the territorial jurisdiction of this Tribunal. The authorised share capital of the respondent is ?1.50 crores and the paid up share capital is ?1,23,75,000/-.

(3.) The facts of the case briefly stated are that the petitioner-Operational Creditor had been supplying Automobile Paint/Hardware material to the respondent-Corporate Debtor w.e.f. 09.12.2013 and it stopped making payments in the year 2016. The last payment was made on 22.06.2016 to the tune of ?8 lacs. The dispute now pertains to eight invoices for the period 29.12.2015 to 24.05.2016 the details of which are given at page 12 of the additional affidavit dated 21.09.2017 furnished by the proprietor of the Operational Creditor while describing synopsis of the case. These invoices are at Annexures A-10 to A-17 and copies of these invoices were already attached with the Company Petition (IB) [Annexure A-3 (colly) ].