# In the matter of Aakash Polyfilms Ltd. CP (IB) No. 535-9-NCLT-AHM-2018

> NCLT judgment dated 2021-03-10. Citation: TCN-2021-NCLT-02754. Ace Resorts & Infrastructure Pvt. Ltd., the Operational Creditor, filed an application under…

- **Court:** NCLT
- **Order date:** 10 Mar 2021
- **Citation:** TCN-2021-NCLT-02754
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/aakash-polyfilms-ltd-cp-ib-no-535-9-nclt-ahm-2018-7a279a79

## Summary

### Background

Ace Resorts & Infrastructure Pvt. Ltd., the Operational Creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Aakash Polyfilms Ltd., the Corporate Debtor, due to an outstanding debt of Rs. 52,66,050/-. The Corporate Debtor had issued work orders for civil work to the Operational Creditor, with payment terms including running account bills and third-party certification. The Corporate Debtor failed to make payments, leading to the application for CIRP.

## Facts

On 04.03.2016, Aakash Polyfilms Ltd. (Corporate Debtor) issued work orders to Ace Resorts & Infrastructure Pvt. Ltd. (Operational Creditor) for civil work. The terms included submission of running account bills, with 75% payment within 7 days and the balance 25% within 30 days, subject to third-party inspection and certification. The Operational Creditor carried out the work and submitted 10 running bills totaling Rs. 2,81,96,097/-, certified by M/s. S & V Engineers. The Corporate Debtor did not make payments, prompting the Operational Creditor to send emails on 13.10.2017 and 04.12.2017. A demand notice was issued on 18.05.2018 for an outstanding sum of Rs. 52,66,050/- plus interest of Rs. 11,03,244.39. The Corporate Debtor did not reply to the demand notice.

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## Issues and analysis

### Issue 1: Whether the application filed by the Operational Creditor is admissible under Section 9 of the …

**Ratio:** An application under Section 9 of the IBC, 2016, is admissible if there is a debt

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**Reasoning:** The NCLT considered the facts presented by both parties and determined that the

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**Interpretation:** Section 9 of the IBC, 2016, provides the mechanism for an operational creditor

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**Application:** The NCLT applied the ratio to the facts of the case and found that the

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## Parties

- **Judges:** Madan B.…; Virendra Kumar…
- **Appellants:** Ace Resorts &…
- **Respondents:** Aakash Polyfilms…

## Timeline

- **2016-03-04 — Work Order…**: Corporate Debtor issued work orders for…
- **2017-10-13 — Email by Operational…**: Operational Creditor sent an email to…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 8 — Insolvency resolution by operational creditor](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-8)

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