SHIV POOJA TRADERS Vs. JAMMU PAPER PVT LIMITED

JUDGEMENT

(1.) This petition has been filed by the 'Operational Creditor' under Section 9 of the Insolvency and Bankruptcy Code, 2016 (for short, hereinafter referred to as the 'Code') for initiating insolvency resolution process against the respondent-Corporate Debtor The petitioner is a sole proprietorship concern and the application has been filed in Form No. 5 prescribed under the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 (for brevity, the 'Rules'). The contents of the application are supported by the affidavit of Mr. Pawan Chaudhary, the sole proprietor of the petitioner.

(2.) The petitioner sent a demand notice in Form No. 4 Annexure-I(a) dated 20.03.2017 along with all the invoices of the goods supplied to the respondent The invoices are at page 9 to 68 of the Paper Book and forming part of the documents at Annexure-I(a). It is stated in the notice that if the respondent fails to make the payment of the amount of debt to the tune of Rs.47,41,942.70 within 10 days of the receipt of the notice, the petitioner may initiate insolvency resolution process. This notice was sent by registered post on 22.03.2017 and as per the Track Report at page-69 of the Paper Book, the notice along with copies of invoices was delivered to the Corporate Debtor on 23.03.2017. The learned counsel for the petitioner submits that by way of abundant caution, another legal notice dated 23.03.2017 Annexure-I (b) was sent to the Corporate Debtor at its registered office which was also sent by registered post on 23.03.2017 and as per the Track Report of the postal department (at page No. 72 of the Paper Book) the item was delivered to the Corporate Debtor or 24.03.2017.

(3.) The instant application in Form No. 5 was filed after expiry of 10 days requisite period. The registered office of the respondent-corporate debtor is in Jammu, in the State of J & K, which falls within the territorial jurisdiction of this Tribunal. As per Section 1(2) the Code extends to the whole of India except that Part-III of the Code does not extend to the State of Jammu and Kashmir and Part-III relates to insolvency resolution and bankruptcy for individuals and partnership firms. The petitioner has not proposed the Interim Resolution Professional.