# In the matter of Basukinath Agro Pvt. Ltd. CP(IB) No. 835-KB-2018

> NCLT judgment dated 2019-11-05. Citation: TCN-2019-NCLT-00711. M/s. Poddar Business Pvt. Ltd., the Operational Creditor, filed an application under Section 9…

- **Court:** NCLT
- **Order date:** 5 Nov 2019
- **Citation:** TCN-2019-NCLT-00711
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/basukinath-agro-pvt-ltd-cpib-no-835-kb-2018-b31cfb4a

## Summary

### Background

M/s. Poddar Business Pvt. Ltd., the Operational Creditor, filed an application under Section 9 of the Insolvency & Bankruptcy Code, 2016, against M/s. Basukinath Agro Pvt. Ltd., the Corporate Debtor, alleging default in payment of unpaid operational debt amounting to Rs. 48,76,286. The Operational Creditor claimed to have sold and delivered 3335 bags of Soya Deoiled Cake (Doc) to the Corporate Debtor, with invoices dated 05-05-2017, 13-05-2017, and 21-09-2017, totaling Rs. 37,08,414. The Operational Creditor also sought interest at 18% per annum from 01-11-2017 to 15-05-2018, resulting in a total unpaid operational debt of Rs. 14,66,859.

## Facts

M/s. Poddar Business Pvt. Ltd. (Operational Creditor) filed an application under Section 9 of the Insolvency & Bankruptcy Code, 2016, against M/s. Basukinath Agro Pvt. Ltd. (Corporate Debtor). The Operational Creditor claimed that the Corporate Debtor defaulted on an operational debt of Rs. 48,76,286. The debt arose from the sale and delivery of 3335 bags of Soya Deoiled Cake (Doc) by the Operational Creditor to the Corporate Debtor, evidenced by tax invoices dated 05-05-2017, 13-05-2017, and 21-09-2017, totaling Rs. 37,08,414. The Operational Creditor also claimed interest at 18% per annum from 01-11-2017 to 15-05-2018, amounting to Rs. 14,66,859. A demand notice was issued on 04-04-2018, but it was returned unserved initially. The notice was then delivered to the

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## Issues and analysis

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

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

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**Reasoning:** The court reasoned that the Operational Creditor had provided sufficient evidence,

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**Interpretation:** Section 9 of the IBC is interpreted to mean that if an operational creditor

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**Application:** The court applied the ratio to the facts by noting that the Operational

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## Parties

- **Judges:** Jinan…; Harish Chander…
- **Appellants:** M/s. Poddar…
- **Respondents:** M/s. Basukinath…
- **Advocates:** Anil Chou…; Shaunak…; +1 more

## Timeline

- **2017-05-05 — Invoice…**: Tax Invoice No.…
- **2017-05-13 — Invoice…**: Invoice No. 497/17-18…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 8 — Insolvency resolution by operational creditor](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-8)

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