VISHNUSUDHA TEXTILES Vs. NAGANANTHANA MILLS LTD

JUDGEMENT

(1.) Under Adjudication is CP/611/(IB) /CB/2017 that has been filed by the Operational Creditor under Section 9 of the Insolvency & Bankruptcy Code 2016 (in short, l&B Code, 2016') r/w the Insolvency & Bankruptcy (Application to Adjudicating Authority Rules, 2016) . The prayer made is to admit the Application, to initiate the Corporate Insolvency Resolution Process against the Corporate Debtor, declare moratorium and appoint Interim Resolution Professional (IRP) under the Insolvency and Bankruptcy Code, 2016 (I&B Code) .

(2.) The matter was part heard by the Division Bench. However, the Counsels representing both the sides did agree to make final submissions afresh today before this Bench. Heard Counsels for the Operational Creditor and for the Corporate Debtor, and perused the record.

(3.) The Operational Creditor claimed an amount of Rs. 1,18,86,658/- in relation to the invoices which are being mentioned in Form 3, on account of which debt fell due. The Operational Creditor claimed that Polyester Staple Fibre products were supplied by it to the Corporate Debtor from 15th February to 07th May, 2016, for which the principal sum of Rs.94,61,148/- is due along with interest @ 15% p.a. The default of the said sum occurred on various dates. The copy of the notice dated 28th of August, 2017 is placed at page 20 to 23 of the typed set filed with the Application.