ORDER

Per: Harish Chander Suri, Member (Technical)

1. The Court is convened by video conference today.

2. This petition under 9 of the Insolvency and Bankruptcy Code, 2016 read with Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules,2016 has been filed by Tirupati Sugars Limited, through its Authorised Signatory, Mr. Saurabh Gupta, (hereinafter referred as the Operational Creditor), seeking initiation of corporate insolvency resolution process in respect of M/s Sona Sati Organics Private Limited, having its registered office at Rajapatti Kothi, P.S.- Baikunthpur, District- Goalganj, Bihar-841420, (hereinafter referred as the Corporate Debtor).

3. It is submitted in the petition that the Operational Creditor is carrying on the business of running sugar mill and supplied molasses to Corporate Debtor on regular basis.

4. It is submitted that vide circulars dated 09.04.2018, 20.06.2018 and 12.11.2018, received from Prohibition, Excise & Registration Department, Government of Bihar, wherein the quantity of the molasses was categorically specified which was to be supplied by the Operational Creditor to the Corporate Debtor and consequent upon these two circulars the desired quantity was supplied to the Corporate Debtor which was accepted by them. It is submitted that the Operational Creditor supplied 1,08,332.70 quintals of molasses @ Rs. 287.50 + GST 28% extra per quintal to the Corporate Debtor from January, 2018 to October , 2018 and in respect of which 502 Invoices were raised from 19.01.2018 to 24.01.2018. The total Sale during the said period was of Rs.3,98,66,435.97/- out of which Rs.1,25,00,000.00/- has been received and Rs.40,382.29/- is the opening balance as on 19.01.2018 as reflecting in the Ledger account of the Operational Creditor. Therefore, the total amount due is INR 3,48,35,146.68/- which includes INR 75,09,094/- as interest @ 18% p.a. up to 15^th September, 2019.

5. It is submitted that the Operational Creditor has received two letters dated 27.03.2019 & 06.07.2019 from the Corporate Debtor in which Corporate Debtor has admitted that it had lifted 1,08,332.70 quintals of molasses @ Rs.287.50+GST 28% extra per quintal.

6. It is submitted in Part IV that INR 3,48,35,146.68/- fell due and outstanding from the Corporate Debtor to the Operational Creditor on account of supply of Molasses and invoices raised by the Operational Creditor from January, 2018 to October, 2018. The details of debts and dates from which the amount of debt fall due on account of the invoices annexed with the petition are Annexure- P-3.

7. It is submitted that the Operational Creditor vide Demand Notice dated 17.09.2019 issued to the Corporate Debtor called upon the Corporate Debtor to clear the outstanding dues of Rs.3,48,35,146.68/- till 31.10.2018. It is submitted that even though the Demand Notice was duly delivered to the Corporate Debtor on 25.09.2019, but no reply was received by the Operational Creditor. Copy of the Demand Notice is annexed as Annexure P-4 and copy of the Track Report and proof of service are annexed as Annexure- P5.

8. It is submitted that the relevant extracts of the statement of Bank Account of the Operational Creditor held with State Bank of India for the period 15th September, 2019 to 19th October, 2019 showing no receipt of any payment is annexed as Annexure-P 7.

9. It is submitted that invoices raised by the Operational Creditor on the Corporate Debtor evidencing the supply of molasses are annexed as Annexure-P 8.

10. Similarly, copy of the Ledger Account of the Corporate Debtor from 19thJanuary, 2018 to 15th September,2019 in the books of the Operational Creditor evidencing payment received and due on various dates are annexed as Annexure-P-9. A copy of the Notice received from Prohibition, Excise & Registration Department, Government of Bihar are annexed as Annexure P-10.

11. It is submitted that an affidavit to the effect that there is no notice given by the Corporate Debtor relating to t