2017 (3) TMI 1573

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... transaction giving rise to filing of this petition is stated to be one of sale of goods to the respondent company of Spherodial Graphite Rolls based on 3 (three) invoices as detailed below: Invoice No. Date Amount Invoice No. 550 11.10.2011 Rs9,60,841/- Invoice No. 785 21.12.2011 Rs.8,43,795/- Invoice No.885 20.01.2011 Rs.4,50,024/-   Total Rs.22,54,660/-   2.Out of the above said amount of Rs. 22,54,660/-, the Petitioner claims that a sum of Rs. 16,95,000/- had been paid by the respondent company the last of the payment being made in March 2014 and subsequently no payment is forthcoming of the balance amount in a sum of Rs. 5,59,660/- from the respondent. 3.The Petitioner, wi....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... appear before us and in the circumstances we are constrained to proceed with the hearing of the petition in the absence of the respondent company. 6.Be that as it may on a perusal of the records available before us, particularly taking into consideration the invoices as detailed above annexed as Annexure - 3 (colly) to the petition coupled with the Copy of the Ledger Account for the year 2011, 2012, 2013 and 2014, all annexed as part of Annexure - 4 (Colly), it is evident that the invoices relates to the period between February 2011 to January 2012 and the non-payment of dues is claimed to be in relation to 3 invoices as detailed above, and the last date of payment as per the ledger account for the period between 1.4.2013 to 31.3.2014 i....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....gal, equitable, secured or unsecured; (b) right to remedy for breach of contract under any law for the time being in force, if such breach gives rise to a right to payment, whether or not such right is reduced to judgment, fixed, matured, unmatured, disputed, undisputed, secured or unsecured; 8.It is also relevant to consider the definition of 'operational debt' and 'operational creditor' which seems to have given rise to the instant petition. Operational debt is defined under sec 5(21) of IBC to mean a claim in respect to the provision of goods or services including employment or a debt in respect of the debt in respect of repayment of dues arising under any law for the time being in force and payable to the cen....