KAMAL CHEMICALS Vs. T C TERRYTEX LIMITED

JUDGEMENT

(1.) The instant 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') by M/s Kamal Chemicals, a proprietorship concern, through the sole proprietor Mr.Kamal Kant Singhania for initiating insolvency resolution process against the respondent-corporate debtor. There is an affidavit of Mr.Kamal Kant Singhania, proprietor in support of the contents of the application. The application has been filed in Form No.5 as prescribed under Rule 6(1) of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 (for brevity the 'Rules').

(2.) The respondent-corporate debtor was incorporated on 30.08.2005 and allotted CIN U17220PB2005PLC028877. It has authorised share capital of Rs. 1,20,50,00,000/- and paid up share capital Rs. 1,12,31,82,800/-. The registered office of the respondent-corporate debtor is at Lalru, Derabassi Sub-Division in the State of Punjab and, therefore, the matter falls within the territorial jurisdiction of this Tribunal.

(3.) The petitioner-operational creditor, on demand and request of the respondent-corporate debtor had been supplying goods/materials to the respondent-corporate debtor as per the invoices/bills (Sales) and thereafter against entire outstanding payment of the supply of goods/materials, there was an adjustment/set-off in the books of account of the operational creditor as payment/part payment of the entire outstanding amount by way of purchase of items by the corporate-debtor as per the summary statements/calculation sheet attached at Annexure A-3. All the invoices raised are for the period from 06.09.2012 to 11.05.2017. The payments/part payments received from the corporate-debtor from time to time were duly debited and credited on regular basis in the running account of the corporate-debtor being maintained by the petitioner-operational creditor. There was balance amount in default to the tune of Rs. 70,33,514.60 as on 18.11.2017 after adjusting/setting off the amount of purchases made from the corporate-debtor. Copy of the ledger account of the corporate-debtor regularly maintained by the operational creditor is at Annexure A-2 (pages 417 to 426 of the paper book). It is thus stated that the default has been committed by the corporate-debtor.