# In the matter of Ankit Metal and Power Limited CP (IB) No. 704-KB-2017

> NCLT judgment dated 2018-02-14. Citation: TCN-2018-NCLT-01830. The case involves an application to initiate Corporate Insolvency Resolution Process (CIRP)…

- **Court:** NCLT
- **Order date:** 14 Feb 2018
- **Citation:** TCN-2018-NCLT-01830
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/ankit-metal-and-power-limited-cp-ib-no-704-kb-2017-2fd6f058

## Summary

### Background

The case involves an application to initiate Corporate Insolvency Resolution Process (CIRP) under Section 9 of the Insolvency and Bankruptcy Code, 2016, filed by Gandhar Oil Refinery (India) Limited (Operational Creditor) against Ankit Metal and Power Limited (Corporate Debtor). The operational creditor claimed that the corporate debtor defaulted on payments for the supply of coal between May 2015 and December 2015. The corporate debtor contended that there were pre-existing disputes regarding the quality of coal supplied and that the operational creditor had already adjusted a portion of the dues against the accounts of Gandhar Singapore Private Ltd, a subsidiary of the operational creditor. The corporate debtor also claimed that the operational creditor had written

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## Facts

Gandhar Oil Refinery (India) Limited (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Ankit Metal and Power Limited (Corporate Debtor). The Operational Creditor claimed that the Corporate Debtor defaulted on payments for the supply of coal between May 2015 and December 2015, amounting to Rs. 3,40,55,686/-. The Corporate Debtor contended that there were pre-existing disputes regarding the quality of coal supplied by Gandhar Global Singapore Pvt. Limited, a subsidiary of the Operational Creditor. The Corporate Debtor claimed that the coal was of inferior quality, leading to losses, and that adjustments were agreed upon. The Corporate Debtor also

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## Issues and analysis

### Issue 1: Whether the respondent succeeded in proving the existence of a genuine dispute as alleged in the …

**Ratio:** The legal principle applied is that under Section 5(6) of the Insolvency and Bankruptcy

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**Reasoning:** The court reasoned that the corporate debtor failed to establish the existence of a

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**Interpretation:** The interpretation of the legal issue involves determining whether the dispute

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**Application:** The court applied the ratio and reasoning to the specific facts of the case. It

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## Parties

- **Judges:** Jinan…
- **Appellants:** Gandhar Oil…; Gandhar Oil…
- **Respondents:** Ankit Metal and…; Ankit Metal &…

## Timeline

- **2015-05-01 — Supply of…**: Operational creditor supplied coal to the corporate debtor between May 2015 and December…
- **2015-04-10 — Contract…**: A contract dated 10th April 2015 was entered between Gandhar Global Singapore Pvt.…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 5(6) — Definitions](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-5)

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