IN THE NATIONAL COMPANY LAW TRIBUNAL

BENCH – V, NEW DELHI

C.P (IB)/215(ND)2020

An application under section 9 of the Insolvency and Bankruptcy Code, 2016 read with rule 6 of the Insolvency and Bankruptcy (Application to

Adjudicating Authority) Rules, 2016.

IN THE MATTER OF:

MAYFAIR BIOTECH PVT. LTD.

Regd. Office at: 67A/68,

Industrial Area Mehatpur,

District- Una, Himachal Pradesh- 174315.

Ph. No. 9816099175.

Email ID: mayfairbio@gmail.com

... Operational Creditor

VERSUS

GOOD VALUE CHEMICALS PVT. LTD.

Regd. Office at: C 103,

Antriksh Apartments, Sector 14,

Rohini, Delhi 110085.

Ph. No. 9810198565 ... Corporate Debtor

CORAM:

SHRI MAHENDRA KHANDELWAL, HON’BLE MEMBER (JUDICIAL)

DR. SANJEEV RANJAN HON’BLE MEMBER (TECHNICAL)

APPEARANCES:

For the Applicant : Mr. Rajesh Agrawal, Adv For the Respondent : Mr. Ajay Singh, Adv

ORDER

PER: MAHENDRA KHANDELWAL, MEMBER (JUDICIAL)

1. The instant application is filed by Mayfair Biotech Private Limited, (hereinafter referred as ‘Applicant’/ ‘Operational Creditor’) under Section 9 of the Insolvency and Bankruptcy Code, 2016 (for brevity ‘the CODE/IBC’) read with rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 (for brevity ‘the Rules’) with a prayer to initiate Corporate Insolvency Resolution Process (“CIRP”) against Good Value Chemicals Private Limited (hereinafter referred as ‘Respondent/Corporate Debtor’) for failing to make the payment of Operational Debtor amounting Rs 2,16,90,392/- (Rupees Two Crore Sixteen Lakhs Ninety Thousand Three Hundred And Ninety Two Rupees Only).

2. The Respondent Company “Good Value Chemicals Private Limited” was incorporated on 25.05.2004 under the provisions of the Companies Act, 1956 having its registered office situated at C 103, Antriksh Apartments, Sector 14, Rohini, Delhi 110085. Since the registered office of the Respondent/Corporate Debtor is in New Delhi, this Tribunal having territorial jurisdiction over the NCT of Delhi is the Adjudicating Authority in relation to the prayer for initiation of Corporate Insolvency Resolution Process in respect of respondent corporate debtor.

Averments of the Applicants:

3. Briefly stated the facts of the present case as averred by the applicant are that as per the agreed term executed through latter dated 10.04.2015 between the parties the Operational Creditor has been supplying various goods/chemicals to Corporate Debtor and providing their services for selling the products (i.e Chemical products) of the Corporate Debtor to various other parties. However, the Corporate Debtor after purchasing the goods as well as availing the services of Operational Creditor, the Corporate Debtor started delaying in making the payment which resulted in huge dues. Applicant further submitted that the Corporate Debtor made the last payment 02.01.2017, which is duly recorded in running statement of account of the Corporate debtor maintained by Operational Creditor.

4. Applicant submitted that the Operational Creditor stopped the supply of goods and services for want of payment from the Corporate Debtor. The Operational Creditor continued to remind the Corporate Debtor towards the outstanding dues time to time and Corporate Debtor continued to seek some more time but failed to pay and thus unable to pay/ clear the huge dues of Operational Creditor. The Operational Creditor has given numerous reminders to the Corporate Debtor but all went in vain and Corporate Debtor failed to make the payments towards the dues.

5. Applicant further submitted that being aggrieved by non-payment by the Corporate Debtor, the Operational Creditor served a Demand Notice dated 21.12.2019 in terms of Section 8 of the IBC for realizing its unpaid debt amounting Rs. 2,16,90,392/- and pendente lite interest till the date of payment or till the date of admission of the this application. The Corporate Debtor instead of paying the admitted outstanding dues to Operational Creditor sent its reply dated 31.12.2019, and raised false pleas of pre-existing dis