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Judgment
O R D E R
Per: Rohit Kapoor, Member (Judicial)
This instant petition has been filed under section 9 of the Insolvency and Bankruptcy by M/s Prabhat Marketing Company Limited, a corporate entity, through its Director Mr. Rohitashwa Jalan, authorised vide Board Resolution dated 11/11/2019. (Annexure-B) (hereinafter referred as the Operational Creditor), seeking initiation of corporate insolvency resolution process in respect of M/s Basu Tea Private Limited, another corporate entity, (hereinafter referred as the Corporate Debtor).
It is submitted that Part –I of this petition contains particulars of the Operational Creditor. Part-II of this petition contains particulars of the Corporate Debtor.
Part –IV of the Petition contains details operational debt for an amount of Rs.5,86,700/-(Rupees Five Lakhs Eighty Six Thousand Seven Hundred Only) along with interest @ 18% per annum.
On 7th February 2022, the right to file reply affidavit was closed. It also appears from order dated 21st June 2022, a joint statement was made by both the parties that there are negotiations and the matter is likely to be settled.
Again, on 22nd July, 2022, this matter was adjourned in view of the statement made on behalf of the Operational Creditor that there is a settlement process.
However, there is no settlement and the matter was heard and reserved for orders.
In view of no reply on behalf of the Corporate Debtor, we have no option except to proceed accordingly.
The Operational debt is claimed for an amount of Rs. 5,86,700/-
After hearing the Ld. Counsel for the parties and perusing the record, we find;
Goods are stated to be supplied on and from the year 2012;
Details of the invoices raised have been attached as Annexure-H.
The Invoices pertaining from 22nd October, 2014 to 18th May, 2016 for a total amount of Rs. 5,86,700/- which is the total amount claimed along with interest in this petition;
At page 6, it is stated by Operational Creditor that the last payment was made on 12th September, 2016 for a sum of Rs.26,200/-
It is further stated that despite reminders, no payment was made by the Corporate Debtor.
The Demand Notice under Section 8 is stated to have been issued on 19th June, 2019 and this petition has been filed before this Adjudicating Authority on 24th January, 2020.
From the above position, it is clear that this petition is barred by limitation. Therefore, the same is dismissed.
Certified copy of the order may be issued to all the concerned parties, if applied for, upon compliance with all requisite formalities.