# In the matter of Alupan Composite Panels Pvt. Ltd. IB-3196-ND-2019

> NCLT judgment dated 2020-01-24. Citation: TCN-2020-NCLT-02191. The case involves an application under Section 9 of the Insolvency and Bankruptcy Code (IBC),…

- **Court:** NCLT
- **Order date:** 24 Jan 2020
- **Citation:** TCN-2020-NCLT-02191
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/alupan-composite-panels-pvt-ltd-ib-3196-nd-2019-971fe419

## Summary

### Background

The case involves an application under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016, by M/s Keshav Enterprises against Alupan Composite Panels Pvt Ltd, the Corporate Debtor, for default in payment of an operational debt. The applicant claimed Rs. 20,87,082 based on invoices, with the last payment received on 30.08.2018. The applicant also issued a demand notice under Section 8 of the IBC, 2016, which was duly delivered to the Corporate Debtor, who admitted the debt in its reply.

## Facts

M/s Keshav Enterprises (the applicant/operational creditor) filed an application under Section 9 of the IBC, 2016, against Alupan Composite Panels Pvt Ltd (the corporate debtor) for an outstanding operational debt of Rs. 20,87,082. The debt was based on invoices for which the last payment was received on 30.08.2018. The applicant issued a demand notice under Section 8 of the IBC, 2016, which was duly delivered. The Corporate Debtor admitted the debt in its reply. However, the Corporate Debtor, represented by Mr. Saurav Kumar, cited financial difficulties as the reason for non-payment. The key fact is the admission of debt by the corporate debtor, despite their inability to pay due to financial constraints. This admission, coupled with the applicant's fulfillment of

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## Issues and analysis

### Issue 1: Whether the applicant, M/s Keshav Enterprises, has met the requirements under Section 9 of the IBC, …

**Ratio:** Section 9 of the IBC, 2016, allows an operational creditor to initiate CIRP if there is a

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**Reasoning:** The court considered the applicant's submission that they had issued a demand notice

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**Interpretation:** Section 9 provides the mechanism for operational creditors to recover their

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**Application:** The applicant provided evidence of the demand notice and the Corporate Debtor's

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## Parties

- **Judges:** ABNI RANJAN KUMAR…; K.K. V…
- **Appellants:** M/s Keshav…
- **Respondents:** Alupan Composite…
- **Advocates:** Onkar…; Saurabh Kumar…; +1 more

## Timeline

- **2018-08-30 — Last Payment…**: Petitioner received the last payment/amount on 30.08.2018, thereafter no further amount…
- **N/A — Demand Noti…**: Petitioner sent the demand notice under Section 8 of IBC, 2016, which is at page no. 85…

## 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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