MAHESHWAR TEXTILES Vs. ZAPP INDIA LIMITED

JUDGEMENT

(1.) This petition has been filed under Section 9 of the Insolvency and Bankruptcy Code (herein after referred to as the "Code"). The petitioner claims to be an operational creditor having supplied material to the Corporate Debtor under various invoices which the Respondent Corporate Debtor has failed to Pay.

(2.) The petitioner has complied with the requirements of Section 8 of the Code notifying the Corporate Debtor its intention to file the present petition for initiating Resolution Process on grounds of the outstanding liability for the goods supplied. The said notice was duly annexed with invoices and has remained un-replied to. The petition is also annexed with the certificate as per Provision 93(b) of the Code deposing that no dispute has been raised by the Corporate Debtor. Further the ledger account in respect of the dealings with the Corporate Debtor has been filed along with the Certificate from their Banker as required under the Code.

(3.) The said petition which has been filed in the required format has delineated relevant facts. Goods were supplied by the Operational Creditor during the period 2004-2009. It is submitted that the petitioner invoked arbitration proceedings before the Hindustan Chamber of Commerce for a claim of Rs. 34,87,976/- for which an Award was duly passed in their favour for Rs. 52,63,214/- on 19.08.2009 inclusive of interest with future interest @ 18% till realization. The Corporate Debtor filed objections under Section 34 of the Arbitration & Conciliation Act which was duly dismissed by the Hon'ble High Court of Bombay on 23.10.2012. As the said amount was not paid by the Corporate Debtor the petitioner sought execution of the award. The execution of the said award was duly transferred to the Court of the Additional District Judge, Jaipur and has remained pending since then without any progress.