# In the matter of Samar Lifestyle Private Limited C.P. (IB) No. 18-BB-2021

> NCLT judgment dated 2022-06-07. Citation: TCN-2022-NCLT-04680. Excelsior Leathers Private Limited filed a petition under Section 9 of the Insolvency and…

- **Court:** NCLT
- **Order date:** 7 Jun 2022
- **Citation:** TCN-2022-NCLT-04680
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-bengaluru/samar-lifestyle-private-limited-cp-ib-no-18-bb-2021-06582d31

## Summary

### Background

Excelsior Leathers Private Limited filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Samar Lifestyle Private Limited.

## Facts

Excelsior Leathers Private Limited (Operational Creditor) supplied leather footwear to Samar Lifestyle Private Limited (Corporate Debtor) against purchase orders received during November 2018 to May 2019.

The Operational Creditor supplied goods worth Rs. 1,63,48,447.49, while the Corporate Debtor made payments of only Rs. 25,00,000/-.

The Corporate Debtor issued three cheques of Rs. 25,00,000/- each, which were dishonored upon presentation.

The Operational Creditor served a demand notice upon the Corporate Debtor under the Code.

The Corporate Debtor claimed that the Petitioner owed money to its group entities and sought to adjust the amounts.

The Corporate Debtor admitted to an outstanding amount of Rs. 1,32,87,754.69/- as on 31.03.2020.

…

## Issues and analysis

### Issue 1: Whether the petition under …

**Ratio:** The petition is admitted if the operational debt exists, the debt is due and payable,

…

**Reasoning:** The Adjudicating Authority found that the Operational Creditor had proved the debt and

…

**Interpretation:** The existence of a genuine pre-existing dispute is a bar to the admission of a

…

**Application:** Since the Corporate Debtor failed to demonstrate a genuine pre-existing

…

## Parties

- **Judges:** Ajay Kumar…; Manoj Kumar…
- **Appellants:** Excelsior…
- **Respondents:** Samar Lifestyle…
- **Other parties:** Suresh K…
- **Advocates:** Anupam Ag…; Shashank Na…

## Timeline

- **2018-11-01 — Supply of…**: Operational Creditor supplied leather footwear to Corporate Debtor from November 2018 to…
- **2020-07-30 — Filing of…**: The C.P was filed on…

## 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)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-bengaluru/samar-lifestyle-private-limited-cp-ib-no-18-bb-2021-06582d31