# In the matter of AKona Engineering Pvt. Ltd. (IB)-364(ND)2021

> Read the full IBC case summary for In the matter of AKona Engineering Pvt. Ltd. (IB)-364(ND)2021. NCLT judgment dated 2022-06-01. Citation: TCN-2022-NCLT-04731.

- **Court:** NCLT
- **Order date:** 1 Jun 2022
- **Citation:** TCN-2022-NCLT-04731
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/akona-engineering-pvt-ltd-ib-364nd2021-4350fc1f

## Summary

### Background

The application was filed under Section 9 of the IBC, 2016, by the operational creditor seeking to initiate the Corporate Insolvency Resolution Process against the corporate debtor due to admitted debt and default in payment.

## Facts

BHS-Sonthofen(India)Pvt. Ltd. (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) against Akona Engineering Pvt. Ltd. (Corporate Debtor) for initiating the Corporate Insolvency Resolution Process (CIRP). The application was based on an admitted operational debt amounting to Rs. 1,22,17,790/- as of May 3, 2021, including interest at 18% p.a. The first default occurred on February 7, 2020, and was continuing.

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## Issues and analysis

### Issue 1: Whether the application filed under Section 9 of the IBC is complete and fulfills all legal…

**Ratio:** The petition filed under Section 9 of the IBC is admitted when it fulfills all legal…

**Reasoning:** The NCLT observed that the application was complete, no operational debt was paid, and no…

**Interpretation:** The court interpreted Section 9(5)(i) of the IBC to mean that if an application…

**Application:** Given the corporate debtor's admission of debt and default in their reply to…

## Parties

- **Judges:** ABNI RANJAN KUMAR…; L. N. G…
- **Advocates:** For the Applicant:…

## Timeline

- **October 3, 2019 — First Purchas…**: Corporate debtor placed purchase order…
- **October 11, 2019 — Second Purcha…**: Corporate debtor placed purchase order…

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