MULTI TRADE Vs. TRANSPARENT TECHNOLOGIES PVT LTD

JUDGEMENT

(1.) It is a Company Petition filed u/s. 433 & 434 of the Companies Act, 1956 against this Corporate Debtor before the Hon'ble High Court of Bombay on 12.4.2016, thereafter owing to jurisdictional transfer after the introduction of Insolvency & Bankruptcy Code, 2016, this matter has been transferred from Hon'ble High Court of Bombay to this NCLT Bench, in pursuance of transfer Notification, this Petitioner filed Form 5 u/s. 9 of the Insolvency & Bankruptcy Code, 2016, classifying itself as Operational Creditor for initiation of Insolvency Resolution process against this Corporate Debtor, hence this Petition.

(2.) The case of the Petitioner is the Petitioner is a Proprietary Concern supplying Stainless Steel raw materials, in pursuance of it business, when Corporate Debtor approached this Creditor for supply of raw materials as mentioned above, by carrying out the order of the debtor, the Creditor raised 13 invoices vide SAL/143 on 4.8.2012; SAL/144 on 4.8.2012, SAL/145 on 6.8.2012; SAL/155 on 16.8.2012, SAL/164 dated 24.8.2012; SAL/165 dated 25.8.2012; SAL/172 dated 30.8.2012; SAL/181 dated 4.9.2012; SAL/192 dated 11.9.2012; SAL/201 dated 17.9.2012; SAL/215 dated 3.10.2012; SAL/217 dated 4.10.2012 and SAL/251 dated 29.10.2012 for a total amount of Rs. 22,28,678.

(3.) On perusal of the invoices raised by the Petitioner, it appears that there is a clause indicating the interest amount at the rate of 24% per annum from the respective due date of invoices, there is a clause reflecting the period of 30 days in some invoices and 90 days in some other invoices as credit period, since the credit period is variant from one invoice to another invoice, when this Petition has been filed, the Petitioner has taken uniform credit period of 90 days in respect to all the invoices against which claim has been made by the Petitioner herein. The Corporate Debtor made part payments on various dates, that is Rs. 1,00,000 on 29.4.2013, Rs. 1,00,000 on 1.7.2013, Rs. 2,00,000 in 17.7.2013, Rs. 1,27,249 on 1.11.2013, Rs. 1,72,751 on 1.11.2013, Rs. 95,600 on 2.4.2014, Rs. 1,00,000 on 30.4.2014, Rs. 99,930 on 24.6.2014, Rs. 1,00,070 on 24.6.2014, Rs. 75,000 on 31.7.2014, Rs. 1,00,000 on 5.9.2014, Rs. 7,093 on 17.02.2015 and Rs. 92,907/- on 17.2.2015.