2019 (11) TMI 1659

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....rporate Debtor committed default in making payment of Rs. 11,99,138/- including interest at the rate of 18% per annum on the delay in payment by invoking the provisions of Section 8 and 9 of the Insolvency & Bankruptcy Code (hereinafter called "Code") read with Rule 5 and 6 of Insolvency & Bankruptcy (Application to Adjudicating Authority) Rules, 2016. 2. The petition reveals that the Corporate Debtor approached the Petitioner for purchase of garlic seeds. The Corporate Debtor issued purchase order dated 16.01.2017 upon the Petitioner. Accordingly, the Petitioner effected the supply and raised an invoice on 16.01.2017 on the Corporate Debtor for Rs. 11,50,000/-. After taking in account the payments made, there is a balance of Rs. 9,65,00....

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....ll the hearings, no reply was filed, this bench has heard both the sides and reserved the matter for orders. 8. On going through the Form-5, the related documents submitted therein, and after hearing the submissions, this bench is of the view that the Corporate Debtor has committed default and the petition deserves admission. 9. Mr. Atul Babulal Shah, having office at Mahavir Dham-A/1A,48/51 Garodia Nagar, Ghatkopar (East), Mumbai- 400077, having email address [email protected], having Registration No. IBBI/IPA-001/IP-P01102/2017-18/11795 has given his consent in Form No. 2 to act as an Interim Resolution Professional. 10. This Bench having been satisfied with the application filed by the Operational Creditor which is in complia....