# in the matter of Aaradhyam Developers Private Limited Company Petition No. IB-664-ND-2020

> NCLT judgment dated 2021-09-10. Citation: TCN-2021-NCLT-01138. An application was filed under Section 9 of the Insolvency and Bankruptcy Code, 2016, by Anil…

- **Court:** NCLT
- **Order date:** 10 Sept 2021
- **Citation:** TCN-2021-NCLT-01138
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/aaradhyam-developers-private-limited-company-petition-no-ib-664-nd-2020-e8787577

## Summary

### Background

An application was filed under Section 9 of the Insolvency and Bankruptcy Code, 2016, by Anil Sharma, proprietor of M/s Lakshmi Steels, to initiate the Corporate Insolvency Resolution Process (CIRP) against Aaradhyam Developers Private Limited. The applicant claimed that the corporate debtor defaulted on payments for TMT bars supplied for its housing project. The applicant stated that despite supplying goods worth Rs. 21,64,942/-, a balance of Rs. 4,01,970/- remained unpaid. A post-dated cheque issued by the corporate debtor was dishonored due to insufficient funds. A demand notice was served, but the corporate debtor failed to pay the outstanding dues.

## Facts

Anil Sharma, proprietor of M/s Lakshmi Steels, supplied TMT bars to Aaradhyam Developers Private Limited for its housing project in 2018. The total value of the supplied goods was Rs. 21,64,942/-. The corporate debtor made a partial payment of Rs. 17,62,972/-, leaving a balance of Rs. 4,01,970/- outstanding. A post-dated cheque for Rs. 5,20,000/- issued by the corporate debtor was dishonored due to insufficient funds. The applicant served a demand notice dated 01.02.2020, demanding the outstanding dues along with interest at 24% per annum. The notice sent to the registered office and site office of the corporate debtor was returned with the remark "Door closed," but the email service was complete. The date of default was 12.09.2019, and the application was

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## Issues and analysis

### Issue 1: Whether the application under Section 9 of the Insolvency and Bankruptcy Code, 2016 is complete and …

**Ratio:** Section 9 of the IBC requires an operational creditor to file an application for

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**Reasoning:** The court found that the applicant had filed the application in the prescribed format,

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**Interpretation:** Section 9 outlines the requirements for initiating CIRP by an operational

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**Application:** The applicant, Anil Sharma, fulfilled all the requirements of Section 9 by

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## Parties

- **Judges:** DEEPTI M…; SUMITA PURK…; +1 more
- **Appellants:** Anil Sh…
- **Respondents:** Aaradhyam…

## Timeline

- **2018-01-01 — Order for T…**: Corporate debtor approached the applicant for the purchase of TMT bars for its housing…
- **2018-04-01 — Supply of…**: Applicant supplied goods worth Rs. 21,64,942/- to the corporate debtor between 01.04.2018…

## 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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