# In the matter of Jai Prakash Bansal Vs. Agarwal Alloys & Anr CA(AT)(Insolvency) 39-2019

> NCLAT judgment dated 2019-02-04. Citation: TCN-2019-NCLAT-00800. The appeal was filed by Jai Prakash Bansal, a shareholder of Dayal Commercial Co. Pvt. Ltd.…

- **Court:** NCLAT
- **Order date:** 4 Feb 2019
- **Citation:** TCN-2019-NCLAT-00800
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/jai-prakash-bansal-vs-agarwal-alloys-anr-ca-fb47d745

## Summary

### Background

The appeal was filed by Jai Prakash Bansal, a shareholder of Dayal Commercial Co. Pvt. Ltd. (Corporate Debtor), against an order dated November 29, 2018, by the Adjudicating Authority (National Company Law Tribunal), Kolkata Bench, which admitted an application under Section 9 of the Insolvency and Bankruptcy Code (IBC) filed by Agarwal Alloys (Operational Creditor).

## Facts

Jai Prakash Bansal, a shareholder of Dayal Commercial Co. Pvt. Ltd., filed an appeal against the order of the National Company Law Tribunal (NCLT), Kolkata Bench, which admitted an application under Section 9 of the Insolvency and Bankruptcy Code (IBC) filed by Agarwal Alloys, an operational creditor. The NCLT admitted the application because the corporate debtor failed to pay the amount due. The appellant argued that there was no document or demand notice supporting the claim. However, the NCLAT found that the operational creditor had enclosed the ledger account, the 'confirmation of accounts' of the corporate debtor dated August 22, 2015, and the Demand Notice dated November 15, 2016. The Demand Notice under Section 8(1) was issued on September 14, 2017. The

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## Issues and analysis

### Issue 1: Whether the Adjudicating Authority was correct in admitting the application under Section 9 of the …

**Ratio:** The Adjudicating Authority can admit an application under Section 9 of the I&B Code

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**Reasoning:** The court found that the operational creditor had enclosed the ledger account, the

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**Interpretation:** Section 9 of the I&B Code allows an operational creditor to initiate the

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**Application:** In this case, the operational creditor provided sufficient evidence of the

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## Parties

- **Judges:** S.J. Mukhop…; Bansi Lal…
- **Appellants:** Jai Prakash…
- **Respondents:** Dayal Commercial…; Agarwal Alloys &…

## Timeline

- **2015-08-22 — Confirmation of…**: Date of the 'confirmation of…
- **2016-11-15 — Demand Noti…**: Date of the Demand…

## 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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