# In the matter of B D Overseas and Fiscal Services Limited C.P. (I.B) No. 203-9-NCLT-AHM-2019

> NCLT judgment dated 2020-01-20. Citation: TCN-2020-NCLT-02258. The case involves an application filed under Section 9 of the Insolvency and Bankruptcy Code,…

- **Court:** NCLT
- **Order date:** 20 Jan 2020
- **Citation:** TCN-2020-NCLT-02258
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/b-d-overseas-and-fiscal-services-limited-cp-ib-no-203-9-nclt-ahm-2019-0466ba7b

## Summary

### Background

The case involves an application filed under Section 9 of the Insolvency and Bankruptcy Code, 2016 by Vedant Tradelink Private Limited (Operational Creditor) against B D Overseas & Fiscal Services Limited (Corporate Debtor) for initiation of Corporate Insolvency Resolution Process (CIRP) due to unpaid operational debt. The Operational Creditor claimed default of Rs. 6,11,021.00 including interest. The Corporate Debtor allegedly failed to make payments despite the issuance of demand notices. The Operational Creditor approached the Corporate Debtor in March 2016 for purchasing grinding wheels, which were delivered. Invoices were raised, but payments were not made. A demand notice was issued on 01.10.2018. The petition was filed on 05.03.2019.

## Facts

Vedant Tradelink Private Limited, the Operational Creditor, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, against B D Overseas & Fiscal Services Limited, the Corporate Debtor. The Operational Creditor claimed that the Corporate Debtor defaulted on a payment of Rs. 6,11,021.00, which included interest of Rs. 2,20,860.00. The default date was 27.05.2016. The Operational Creditor supplied grinding wheels to the Corporate Debtor in March 2016, raised invoices, but did not receive payment. A demand notice was issued on 01.10.2018. The petition was filed on 05.03.2019. The Operational Creditor is a registered company engaged in the business of abrasive products. The Corporate Debtor was incorporated on 24.03.1994. The Adjudicating

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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 Insolvency and Bankruptcy Code, 2016, outlines the requirements for an

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**Reasoning:** The Adjudicating Authority found that the application filed by the Operational Creditor

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**Interpretation:** Section 9 is interpreted to mean that if the operational creditor demonstrates

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**Application:** In this case, the Adjudicating Authority determined that the Operational

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## Parties

- **Judges:** Harihar Prakash…; Prasanta Kumar…
- **Appellants:** Vedant Tradelink…
- **Respondents:** B D Overseas &…
- **Advocates:** Natasha Dhruman…

## Timeline

- **2016-03-01 — Corporate Debtor…**: The Corporate Debtor approached the Operational Creditor for the purchase of grinding…
- **2016-05-27 — Date of D…**: The Corporate Debtor defaulted…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 14 — Moratorium](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-14)

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