# In the matter of Agarwal Coal Corporation Ltd. Vs. Shriram Cement Ltd. CA(AT)(Insolvency) 594-2018

> NCLAT judgment dated 2019-01-03. Citation: TCN-2019-NCLAT-00889. The Appellant, Agarwal Coal Corporation Ltd., filed an application under Section 9 of the…

- **Court:** NCLAT
- **Order date:** 3 Jan 2019
- **Citation:** TCN-2019-NCLAT-00889
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/agarwal-coal-corporation-ltd-vs-shriram-cement-ltd-ca-a2387153

## Summary

### Background

The Appellant, Agarwal Coal Corporation Ltd., filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, for initiating the Corporate Insolvency Resolution Process against Shriram Cement Ltd. The Adjudicating Authority (National Company Law Tribunal), Ahmedabad Bench, dismissed the application based on the ground of limitation. The Appellant appealed this decision.

## Facts

Agarwal Coal Corporation Ltd. (Appellant) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process against Shriram Cement Ltd. (Corporate Debtor). The Adjudicating Authority, Ahmedabad Bench, dismissed the application due to limitation. The Appellant appealed to the NCLAT. The Appellant referred to a Debt Settlement Agreement dated 01st March 2017, which was noticed by the Hon'ble High Court of Gujarat, and the High Court's order dated 20th July 2017, where the settlement was noticed. The NCLAT observed that the Adjudicating Authority wrongly rejected the application. Despite notice, the Corporate Debtor did not appear. The NCLAT found a prima facie case that the claim was not barred by

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## Issues and analysis

### Issue 1: Whether the Adjudicating Authority wrongly rejected the application preferred by the Appellant …

**Ratio:** The principle is that an application under Section 9 of the Insolvency and Bankruptcy

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**Reasoning:** The court reasoned that the Adjudicating Authority failed to appreciate the relevant

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**Interpretation:** This involves interpreting Section 9 of the Insolvency and Bankruptcy Code in

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**Application:** The ratio and reasoning were applied to the specific facts of the case, where

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## Parties

- **Judges:** S.J. Mukhop…; Bansi Lal…
- **Appellants:** Agarwal Coal…
- **Respondents:** Shriram Cement…

## Timeline

- **2017-03-01 — Debt Settlement…**: Debt Settlement Agreement…
- **2017-07-20 — High Court…**: Hon'ble High Court of Gujarat…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 9 — Application for initiation of corporate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-9)

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