# In the matter of LAXMI METAL SYNDICATE LLP

> NCLT judgment dated 2025-09-03. Citation: TCN-2025-NCLT-01331. K B Udhyog LLP, an Operational Creditor, filed a petition under Section 9 of the Insolvency and…

- **Court:** NCLT
- **Order date:** 3 Sept 2025
- **Citation:** TCN-2025-NCLT-01331
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-ahmedabad/laxmi-metal-syndicate-llp-d0e150b8

## Summary

### Background

K B Udhyog LLP, an Operational Creditor, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Laxmi Metal Syndicate LLP, the Corporate Debtor, for default in payment of operational debt amounting to Rs. 1,48,50,469/-. The date of default was stated as 18.12.2022.

## Facts

K B Udhyog LLP filed a petition against Laxmi Metal Syndicate LLP under Section 9 of the IBC.

The Operational Creditor claimed a default of Rs. 1,48,50,469/-.

The date of default was stated as 18.12.2022.

The Operational Creditor supplied Copper and Aluminium Scrap to the Corporate Debtor.

The Corporate Debtor failed to make payments for more than one year despite reminders.

The Operational Creditor issued a demand notice dated 11.03.2025 under Section 8 of the IBC.

The Corporate Debtor admitted debt and default but cited financial distress.

The Operational Creditor filed Form-C with NeSL, recording the default.

Mr. Kashyap Ashwinbhai Shah was proposed as the Interim Resolution Professional (IRP).

## Issues and analysis

### Issue 1: Whether the Operational Creditor established the existence of an operational debt and default by …

**Ratio:** Yes.…

**Reasoning:** The Operational Creditor provided invoices, purchase orders, ledger statements, and a

…

**Interpretation:** The Adjudicating Authority interpreted the evidence as sufficient to prove the

…

**Application:** The Adjudicating Authority applied the provisions of Section 9 of the IBC,

…

## Parties

- **Judges:** SH. SHAMM…; SH. SANJEEV…
- **Appellants:** K B Udhyo…
- **Respondents:** Laxmi Metal…
- **Other parties:** Kashyap Ashwinbhai…
- **Advocates:** Nipun Si…; Nilesh P Ud…

## Timeline

- **2022-12-18 — Date of D…**: The date of default in…
- **2025-03-11 — Demand N…**: Operational Creditor issued a 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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