# In the matter of Alankrit Mercantile Pvt. Ltd. CP (IB) 3208-IBC-MB-2019

> NCLT judgment dated 2020-12-04. Citation: TCN-2020-NCLT-00149. Raunak Mercantile and Trading Pvt. Ltd. (Operational Creditor) filed a Company Petition under…

- **Court:** NCLT
- **Order date:** 4 Dec 2020
- **Citation:** TCN-2020-NCLT-00149
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/alankrit-mercantile-pvt-ltd-cp-ib-3208-ibc-mb-2019-88ecbc35

## Summary

### Background

Raunak Mercantile and Trading Pvt. Ltd. (Operational Creditor) filed a Company Petition under Section 9 of the Insolvency & Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Alankrit Mercantile Pvt. Ltd. (Corporate Debtor). The Operational Creditor alleged that the Corporate Debtor defaulted in making payment for materials supplied, invoking provisions of Section 8 and 9 of the IBC read with Rule 6 of the relevant rules.

## Facts

Raunak Mercantile and Trading Pvt. Ltd. (Operational Creditor) supplied materials to Alankrit Mercantile Pvt. Ltd. (Corporate Debtor). The Corporate Debtor defaulted on a payment of Rs. 21,26,533/-, including a principal amount of Rs. 20,94,400/- and interest. An invoice dated 25.03.2019 was raised on the Corporate Debtor. The Operational Creditor served a Demand Notice in Form 3 dated 05.08.2019 to the Corporate Debtor. The Corporate Debtor sent replies on 15.04.2019 and 10.06.2019, apologizing for the delay in payment. The petition was filed on 27.08.2019. The Corporate Debtor was set ex-parte on 06.12.2019. The Corporate Debtor received the notice sent by speed post on 22.10.2020.

## Issues and analysis

### Issue 1: Whether the Corporate Debtor defaulted in …

**Ratio:** The existence of debt and default is a key requirement for admitting a petition under

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**Reasoning:** The court noted that the record filed by the Operational Creditor proves the existence of

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**Interpretation:** The court interpreted the evidence presented by the Operational Creditor,

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**Application:** The court applied the ratio to the facts, finding that the Corporate Debtor had

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## Parties

- **Judges:** Shri. H. V. Subba…; Shri. Shyam Babu…
- **Appellants:** Raunak Mercantile…
- **Respondents:** Alankrit Mercantil…

## Timeline

- **2019-03-19 — Purchase Ord…**: Purchase order was…
- **2019-03-25 — Invoice…**: Invoice dated 25.03.2019 was…

## 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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