P R INTERNATIONAL Vs. GTHS RETAILS PVT LTD

JUDGEMENT

(1.) This is an application filed under section 9 of the Insolvency and Bankruptcy Code, 2016 (for brevity 'the Code') read with rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rule, 2016 (for brevity 'the Rule') with a prayer for initiation of Corporate Insolvency process in respect of Respondent corporate debtor.

(2.) In brief, the corporate debtor is a company incorporated on 06.06.1994 under the provisions of the Companies Act, 1956. It is the case of the operational creditor that Purchase Order No. 1121 was issued by Corporate Debtor to the operational Creditor for Rs. 10,80,000.00, on 15.11.2016 for supply of various descriptions of goods. Thereafter Corporate Debtor further issued three more purchase orders No. 1299 dated 10.01.2017 for Rs. 5,45,000, No. 3199 dated 10.02.2017 for Rs. 22,00,000 and No. 3200 dated 10.02.2017 for Rs. 9,20,000/- for supply of various description of goods. Copies of the said purchase orders issued by corporate debtor to the operational creditor have been placed on record.

(3.) The Operational Creditor supplied the goods as per the specifications defined by the corporate debtor in the said Purchase Orders for which various invoices were issued between 29.11.2016 till 08.03.2017. It is submitted that the goods supplied were duly accepted and acknowledged by the Corporate Debtor by putting its stamp and signature on the invoices and no dispute regarding quality of goods or any breach of representation was ever raised by the corporate debtor. Copies of the duly accepted invoices have been placed on record.