# in the matter of Anu Elastics Pvt. Ltd. IB No. (IB)-118-ND-2017

> NCLT judgment dated 2017-07-25. Citation: TCN-2017-NCLT-00702. The case involves M/s. Aggarwal Elastics, the operational creditor, filing a petition under…

- **Court:** NCLT
- **Order date:** 25 Jul 2017
- **Citation:** TCN-2017-NCLT-00702
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/anu-elastics-pvt-ltd-ib-no-ib-118-nd-2017-9ded3a39

## Summary

### Background

The case involves M/s. Aggarwal Elastics, the operational creditor, filing a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, against M/s. Anu Elastics Pvt. Ltd., the corporate debtor, for default in payment for goods supplied. Initially, the operational creditor had filed proceedings before the High Court of Delhi for winding up, which were later transferred to the NCLT. The operational creditor then withdrew the petition to file under the IBC. The corporate debtor raised objections, claiming payments were made and the claim was time-barred.

## Facts

Mr. Rakesh Aggarwal, proprietor of M/s. Aggarwal Elastics, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, against M/s. Anu Elastics Pvt. Ltd. for default in payment for goods supplied. The operational creditor had previously initiated winding-up proceedings in the High Court of Delhi, which were later transferred to the NCLT and subsequently withdrawn. The corporate debtor raised objections, claiming payments were made and the claim was time-barred. The operational creditor argued that payments were received within the limitation period, acknowledging the outstanding liability. The corporate debtor failed to appear before the NCLT. The bills raised were for the period 31.07.2012 to 26.11.2012, and a payment of Rs. 1,25,000/- was received

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## Issues and analysis

### Issue 1: Whether the petition filed by the operational creditor under Section 9 of the Insolvency and …

**Ratio:** Section 9 of the Insolvency and Bankruptcy Code, 2016, allows an operational creditor to

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**Reasoning:** The court considered the submissions of the operational creditor and found that the

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

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**Application:** The court applied Section 9 to the facts of the case and found that the

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## Parties

- **Judges:** Ina Mal…; SH. S.K MOH…
- **Appellants:** M/s. Aggarwal…
- **Respondents:** M/s Anu Elastics…
- **Advocates:** Judy J…; Abhishek…

## Timeline

- **2016-07-21 — Notice for Wi…**: Operational Creditor issued a notice for winding up to the Corporate Debtor before the…
- **2016-12-07 — Transfer of P…**: The winding-up petition was transferred to the NCLT pursuant to notification no.…

## 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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