VERTEX CHEMICALS Vs. MAHA- N PROTEINS LIMITED

JUDGEMENT

(1.) The petitioner, a registered company, has filed this application u/s 9 of the IBC, 2016 (hereinafter referred to as 'Code') claiming to be an 'Operational Creditor'. As per the submissions made, the Operational Creditor is a Company engaged in the business of distribution of edible grade lactose. The Corporate Debtor is having Identification No. U01111DL1992PLC048149 (herein referred to as Corporate Debtor) Incorporated on 11.06.1992 with Paid Up Share Capital of Rs. 27,83,47,520 and Nominal Share Capital of Rs. 28,00,00,000/-. Few facts may first be noticed that the Corporate Debtor vide his mail dated 10.02.2016 placed a purchase order PO NO: HO/ MPL/2015-2016/s21237 dated 10.02.2016 for purchase of 20000 kg of edible grade lactose 100 mesh at the rate of Rs. 72/- per kg plus 2% sales tax against Form-C. The Operational Creditor after receiving the order from Coiporate Debtor supplied 20000 kg of lactose 100 mesh to him amounting to Rs 14,68,800/- to his address i.e Village Behrana Tomehra Road, Kosi Kalan, Dist- Mathura, Uttar Pradesh and as consideration Coiporate Debtor issued a cheque bearing no. 559075 dated 10.03.2016 amounting Rs. 14,68,800/- drawn on Corporation Bank. Later on that cheque was taken back by Corporate Debtor on the pretext of issuing another cheque to Operational Creditors which was not issued by the Corporate Debtor even after the Operational Creditor sent numerous requests through e-mail consequently, the period of 30 days from the date of raising the Invoice had elapsed. Finally, on 15.06.2016 Corporate Debtor issued a cheque bearing Cheque No. 854764 dated 15.06.2016 amounting of Rs. 14,68,800 drawn on Axis bank which corporate debtor himself failed to deposit it in its account because of which the 3 month validity period expired. Hence, it is submitted that despite demands made from time to time, the Corporate Debtor has failed to liquidate its liability.

(2.) The Operational Creditor prays for initiation of the Insolvency Resolution Process against the corporate debtor as they are in default of payment of Rs. 14,68,800 /-. It is submitted that despite demands made from time to time, the Corporate Debtor has failed to liquidate its liability and has committed default.

(3.) The present petition has been filed in the form and manner prescribed under the Code. It is annexed with the copies of the invoices and delivery receipts from 01.04.2016 to 31.03.2017. The Operational creditor has been maintaining a ledger account reflecting the statement of debit and credit in the running account with the Corporate Debtor which reflects an outstanding liability of Rs. 14,68,800/-, towards the unpaid bills.