# In the matter of Asian Soles Pvt. Ltd. (IB)-1141 (ND)-2018

> NCLT judgment dated 2018-12-21. Citation: TCN-2018-NCLT-00019. Uttam Polyrubs India Pvt. Ltd., as the Operational Creditor, filed a petition under Section 9…

- **Court:** NCLT
- **Order date:** 21 Dec 2018
- **Citation:** TCN-2018-NCLT-00019
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/asian-soles-pvt-ltd-ib-1141-nd-2018-3ca751e3

## Summary

### Background

Uttam Polyrubs India Pvt. Ltd., as the Operational Creditor, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of the Insolvency Resolution Process against Asian Soles Pvt. Ltd., the Corporate Debtor. The Operational Creditor claimed that the Corporate Debtor defaulted in making payments for the supply of raw materials. The Corporate Debtor had issued four cheques towards partial discharge of the outstanding liability, but these cheques were dishonored. Despite repeated follow-ups, the Corporate Debtor made a last payment on 2017-06-17, leaving an unpaid balance of Rs. 11,43,152.45. The Operational Creditor issued a demand notice under Section 8 of the IBC, claiming the outstanding principal amount along with interest.

## Facts

Uttam Polyrubs India Pvt. Ltd. (Operational Creditor) filed a petition against Asian Soles Pvt. Ltd. (Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code, 2016. The Operational Creditor supplied raw materials to the Corporate Debtor for manufacturing purposes. The Corporate Debtor defaulted on payments, leading to dishonored cheques. A last payment was made on 2017-06-17, leaving an outstanding balance of Rs. 11,43,152.45. A demand notice under Section 8 of the IBC was issued. The Corporate Debtor initially appeared in court but did not file a reply. The petition was filed in the required format with necessary compliance under Section 9(3)(b) and 9(3)(c) of the Code. The key fact is the default in payment by the Corporate Debtor, which triggered the

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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 reasoned that the Operational Creditor had provided sufficient evidence of the

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**Interpretation:** Section 9 of the IBC is interpreted to provide a mechanism for operational

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**Application:** In this case, the Operational Creditor demonstrated the existence of a debt and

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## Parties

- **Judges:** Ina Mal…; DeepaKr…
- **Appellants:** Uttam Polyrubs…
- **Respondents:** Asian Soles Pvt.…

## Timeline

- **2017-06-17 — Last Pay…**: The Corporate Debtor made the last payment of…
- **2018-12-21 — Order Del…**: Order delivered by the NCLT…

## 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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