SAKTHI ENERGY PVT LTD Vs. SERVALAKSHMI PAPERS LTD

JUDGEMENT

(1.) Ld. Counsel for the Petitioner is present. It is on record that, on 12.06.2017, the Counsel for the Petitioner submitted the proof of sending notice to the Corporate Debtor. Notice was sent on 05.06.2017 by speed post. Track delivery report shows that the notice was delivered on 07.06.2017. "Besides that, there are e-mail communications that have been sent on 09.06.2017 and 10.06.2017. In spite of the said service on the Corporate Debtor, he did not appear on the previous date of hearing. However, in the interest of justice, one more opportunity was granted to the Corporate Debtor for causing appearance in the matter. But, even today, he has not caused appearance which is deliberate. The Registry has also sent notice to the Corporate Debtor. In view of this, we set the Respondent ex-parte and proceed for hearing the matter.

(2.) The Application reflects that the outstanding debt is Rs. 10,62,04,523/- which is due and payable by the Corporate Debtor. But, the Corporate Debtor did not make any payment and defaulted in the same. The Section 9(3)(b) and (c) I & B Code, 2016 by filing Affidavit which is placed at pages 269 to 271 of the typed set of Petition and it has been deposed that the Corporate Debtor has not sent any notice as to the existence of dispute in relation to the outstanding debt. The bank statement is also filed by the Petitioner which is placed at page 272 to 280 of the typed set of Petition that reflects that no payment has been made by the Corporate Debtor. The Counsel drew our attention to the statutory notice which is at page 1 to 11 of the typed set of application that has been sent on 18.05.2017 raising the demand for the sum as mentioned above. But, no reply has been given by the Corporate Debtor. The proof of dispatch and delivery of the notice is also placed on record.

(3.) Ld. Counsel for the Petitioner drew our attention to page 226 of the Petition and to the other communications particularly the communication placed at pages 228, 229 and 230, wherein the Corporate Debtor has admitted the claim of the Petitioner. The Applicant has fulfilled all the requirements of law. Therefore, we admit the application and order the commencement of the corporate insolvency resolution process which ordinarily shall get completed within 180 days, reckoning from the day this order is passed.