# In the matter of Anshul Vashistha Vs. Jayhind Steel Traders and Ors. CA(AT)(Ins)No. 656 of 2020

> NCLAT judgment dated 2020-09-30. Citation: TCN-2020-NCLAT-00096. The appeal was filed by Anshul Vashistha, Director of Saturn Prefab India Pvt. Ltd., under…

- **Court:** NCLAT
- **Order date:** 30 Sept 2020
- **Citation:** TCN-2020-NCLAT-00096
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/anshul-vashistha-vs-jayhind-steel-traders-and-ors-ca-124c8e7e

## Summary

### Background

The appeal was filed by Anshul Vashistha, Director of Saturn Prefab India Pvt. Ltd., under Section 61 of the Insolvency and Bankruptcy Code, 2016, against the order dated 13.03.2020 passed by the Adjudicating Authority (National Company Law Tribunal, Indore Bench at Ahmedabad) in CP (IB) No. 374 /9/NCLT/AHM/ 2018. The Operational Creditor is Jayhind Steel Traders. The Adjudicating Authority had initiated Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor. The initiation of CIRP was based on findings including the existence of operational debt above Rs. One Lac, the debt being due, and default occurring on 30.11.2016. The petition was filed within the limitation period, with the date of default being 30.11.2016 and the petition filed on

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## Facts

Anshul Vashistha, Director of M/s. Saturn Prefab India Pvt. Ltd., filed an appeal against the order dated 13.03.2020 passed by the Adjudicating Authority (National Company Law Tribunal, Indore Bench at Ahmedabad). The Adjudicating Authority had initiated Corporate Insolvency Resolution Process (CIRP) against M/s. Saturn Prefab India Pvt. Ltd. based on an application by the Operational Creditor, M/s. Jayhind Steel Traders. The default was claimed to have occurred on 30.11.2016, with the petition being filed on 11.07.2018. The Operational Creditor claimed an outstanding amount of Rs. 1,81,61,422.00. The Appellant disputed the outstanding amount and alleged that there was a pre-existing dispute. The Appellant also submitted that a group firm of the Respondent No.2 Company

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## Issues and analysis

### Issue 1: Whether the Adjudicating Authority was justified in …

**Ratio:** The initiation of CIRP requires an undisputed debt that is due and payable. If there is a

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**Reasoning:** The court reasoned that the existence of a dispute and multiple dates of default made the

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**Interpretation:** The interpretation of Section 8 and 9 of the IBC emphasizes the requirement of

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**Application:** In this case, the court found that there was a pre-existing dispute and

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## Parties

- **Judges:** A.I.S. C…; Ashok Kumar…
- **Appellants:** Anshul Vas…
- **Respondents:** M/s.Saturn Prefab…; M/s. Jayhind…
- **Advocates:** Vijayesh…; Manoj S…; +3 more

## Timeline

- **2016-11-30 — Date of D…**: The date on which the…
- **2018-07-11 — Petition…**: The date on which the petition was filed…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 61 — Appeals and Appellate Authority](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-61)

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