BHARAT STEEL Vs. AARTI INFRA PROJECTS PVT LTD

JUDGEMENT

(1.) Bharat Steel, a registered partnership firm, the Operational Creditor herein, filed this Insolvency and Bankruptcy Petition against the Corporate Debtor, Aarti Infra Projects Pvt. Ltd., claiming that a sum of Rs. 5,93,588/- with further interest @ 24% per annum, is on default as on 02.11.2016 and hence the proceedings under Insolvency and Bankruptcy Code, 2016 (the Code) read with Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 (the Rules) seeking relief under Section 9 of the Code.

(2.) The Operational Creditor states that goods were supplied to the Corporate Debtor, based on Purchase Order No. AIPPL/GADNAN/13-14/PO/108 dated 6th March 2014 and an invoice No. 45 dated 23.04.2014 was raised for a sum of Rs. 15,93,578.64. Since there was balance due of Rs. 4,93,588/-, the Operational Creditor sent a demand notice under the Code on 15.02.2017 to the Corporate Debtor calling upon to pay the sum of Rs. 4,93,588/-. The said demand notice further reveals that a cheque No. 000264 dt. 10/10/16 issued by the Corporate Debtor for the said balance due of Rs. 4,93,588/- was returned with an endorsement "account closed".

(3.) The Corporate Debtor who has received the above demand notice on 18.02.17, replied on 01.03.17 through an advocate, denying the issue of any purchase order, receipt of invoice, receipt of goods and also stated that no cheque was issued to the Operational Creditor as claimed.