VISHNU SUDHA TEXTILES Vs. KAC YARN PRIVATE LIMITED

JUDGEMENT

(1.) Under Adjudication is CP/599/(IB) /CB/2017 that has been filed by the Operational Creditor under Section 9 of the Insolvency & Bankruptcy Code 2016 (in short, 1&B Code, 2016') r/w the Insolvency 85 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.) Heard Counsel for the Operational Creditor, Counsel for Corporate Debtor and perused the record.

(3.) It is stated that the Operational Creditor had supplied Polyester Staples Fibre to the Corporate Debtor from 10.07.2015 to 04.09.2015 vide Invoice Nos. 2387, 2413, 2414, 2458, 2489, 2559, 2591 and 2639. The copies of invoices are placed at pages 259 to 266 of the typed set filed with the Application. The payments in respect of these supplies were due to be made within 10 days of sale. But, the Corporate Debtor had defaulted in making payment. The Operational Creditor has claimed an amount of Rs.50,29,864/- along with interest @ 18% p.a. The Operational Creditor has issued notice under Section 8 of the I&B Code, 2016 which is stated to have been delivered to the Corporate Debtor. The track delivery y report and poof of sending the notice are placed at pages 280 and 281 respectively of the typed set filed with the Application. The reply given by the Corporate Debtor is placed at pages 23 to 25 of the typed set filed with the Application.