# In the matter of Attero Recycling Private Limited CP No. (IB) 379-ALD-2018

> NCLT judgment dated 2019-08-23. Citation: TCN-2019-NCLT-01799. The case involves an application filed by M/s IFB Industries Limited (Operational Creditor)…

- **Court:** NCLT
- **Order date:** 23 Aug 2019
- **Citation:** TCN-2019-NCLT-01799
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/attero-recycling-private-limited-cp-no-ib-379-ald-2018-dc6c2465

## Summary

### Background

The case involves an application filed by M/s IFB Industries Limited (Operational Creditor) under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of the Corporate Insolvency Resolution Process (CIRP) against M/s Attero Reclyling Private Limited (Corporate Debtor). The Corporate Debtor is a private limited company engaged in the business of collecting and recycling E-Waste materials. The Operational Creditor and Corporate Debtor entered into a service agreement on December 18, 2014, where the Corporate Debtor was to collect and recycle e-waste from various locations of the Operational Creditor. The agreement was renewed on December 18, 2015. Disputes arose regarding outstanding payments for the services rendered.

## Facts

M/s IFB Industries Limited (Operational Creditor) filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate CIRP against M/s Attero Reclyling Private Limited (Corporate Debtor). The Corporate Debtor is engaged in the business of collecting and recycling E-Waste. A service agreement was entered into on December 18, 2014, and renewed on December 18, 2015, where the Corporate Debtor was to collect and recycle e-waste from the Operational Creditor. The Operational Creditor claimed outstanding dues of Rs. 13,94,735/-, including principal and interest. The Operational Creditor sent a demand notice under Section 8 of the IBC on July 5, 2018, which was served on July 10, 2018. The Corporate Debtor did not reply to the demand notice within the

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## Issues and analysis

### Issue 1: Whether the application filed by the Operational Creditor under Section 9 of the Insolvency and …

**Ratio:** Section 9 of the IBC allows an operational creditor to initiate CIRP against a corporate

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**Reasoning:** The court considered the submissions of both parties and the documents presented. It

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

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**Application:** The court found that the Operational Creditor had complied with the

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## Parties

- **Judges:** ABNI RANJAN KUMAR…; Saroj Ra…
- **Appellants:** M/s IFB Industries…
- **Respondents:** M/s Attero…

## Timeline

- **2014-12-18 — Service Agr…**: Operational Creditor and Corporate…
- **2015-12-18 — Service Agreement…**: Service agreement 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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