BUSILINK ASSOCIATES Vs. STESALIT LTD

JUDGEMENT

(1.) This petition has been filed by the petitioner/Operational creditor (Busilink Associates) invoking the provisions of Section 9 of the Insolvency and Bankruptcy Code 2016 for initiating corporate insolvency resolution process against the respondent/ corporate Debtor, Stesalit Ltd.

(2.) The brief facts of the case for the consideration of this case is the following. The petitioner is a dealer in supplying certain materials viz. Epoxy Resin Lapox L-2 and Epoxy Hardener Lapox K-6. As per the purchase orders detailed below issued by the respondent the petitioner supplied the above-named materials under Invoice No. 326/13-14 dated 11.11.13 and Invoice No. 432/13-14 dated 29.01.14 for a total amount of Rs.4,60,216/- (Rupees Four lakh sixty thousand two hundred sixteen) to the respondent.

(3.) The petitioner alleges that despite repeated request the respondent failed to pay the outstanding dues and issued demand notice under section 8 (1) of Insolvency and Bankruptcy Code,2016 (In short, the Code) on 24.07.17 with a request to pay the debt within 10 days from the receipt of the notice. However, the respondent failed to discharge the debt and hence the petitioner filed this petition under section 9 of the code for initiating corporate insolvency resolution process as against the respondent.