ORDER

1.The instant application is filed on 29.09.2020 by M/s Morex Corporation Ltd. (hereinafter referred as ‘Applicant/Operational Creditor’) under Section 9 of the Insolvency and Bankruptcy Code, 2016 (hereinafter referred as the “I & B Code, 2016”) read with Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 (hereinafter referred as “the Rules”) against M/s Jindal Poly Filma Ltd. (hereinafter referred as ‘Respondent/Corporate Debtor’. The prayer made therein is to initiate Corporate Insolvency Resolution Process (hereinafter referred as ‘CIRP’) against the Respondent/Corporate Debtor due to default in payment of total outstanding Operational Debt of Rs.3,42,60,000/- (Rupees Three Crore Forty Two Lakhs Sixty Thousand Only) of which principal amount is Rs. 3,00,00,000/, interest amount is Rs. 33,60,000/ and Air freight charges are Rs. 9,00,000/.

2.Briefly stated facts of the present case as averred by the Applicant/Operational Creditor in its Application filed in Form-5 containing part I, II, III, IV & V are that:-

i. The Applicant M/s Morex Corporation Ltd. is based in Hong Kong, which is into the business of import and export. Respondent