SINGHANIA INTERNATIONAL LIMITED Vs. ASEEM ISPAT PRIVATE LIMITED

JUDGEMENT

(1.) This petition has been filed under Section 9 of the Insolvency and Bankruptcy Code, 2016 (for short to be referred here-in-after as the 'Code') read with Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 (for brevity the 'Rules') by the "Operational Creditor" for initiating the insolvency resolution process. The application has been filed in Form No.5 as prescribed in the Rules. The contents of the application are supported by the affidavit of Anshul Singhania, Director of the petitioner company in whose favour, the Company has passed a resolution dated 18.07.2017 to initiate the Corporate Insolvency Process against the respondent-corporate debtor. Copy of resolution is at Annexure A-2. The petitioner Company was incorporated under the Companies Act, 1956 on 18.05.1995.

(2.) The Respondent/Corporate Debtor was incorporated on 03.07.2000 having its registered office at Ludhiana and therefore, the matter falls within the territorial jurisdiction of this Tribunal. The authorised share capital of the respondent is Rs.50,00,000/- divided into 5,00,000 equity shares of Rs.10/- each and the issued, subscribed and paid-up share capital is Rs.19,50,000/- divided into 1,95,000 equity shares of Rs.10/- each.

(3.) The facts of the case, briefly stated, are that the petitioner company supplied product "WR Coil J403_2009 1008 P1 06.50 MM" "M S ROUND IN COIL" vide different invoices ranging from 28.12.2016 to 23.01.2017. The first supply was made on 28.12.2016 vide invoice No.1629 and last supply vide invoice No.1763, dated 23.01.2017. There was a running account of the Respondent/Corporate Debtor maintained in the books of account of the petitioner and the ledger account has been filed with effect from January, 2013 onwards, in which the entries of the amount being deposited by the respondent from time to time are also made. The total outstanding amount due towards the principal is Rs.43,91,983/- in respect of invoices No.1629, 1630, 1632, 1641, 1642, 1645 and 1763, the copies of which are at Annexure A-5.