# In the matter of Bhadramaruti Concast Private Limited CP(IB) No. 4493-MB-C-IV-2018

> NCLT judgment dated 2020-02-04. Citation: TCN-2020-NCLT-02087. The case originates from a Company Petition filed under Section 9 of the Insolvency &…

- **Court:** NCLT
- **Order date:** 4 Feb 2020
- **Citation:** TCN-2020-NCLT-02087
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/bhadramaruti-concast-private-limited-cpib-no-4493-mb-c-iv-2018-926d7d1b

## Summary

### Background

The case originates from a Company Petition filed under Section 9 of the Insolvency & Bankruptcy Code, 2016 (IBC) by Aadilaxmi Trading Company, the Operational Creditor, against Bhadramaruti Concast Private Limited, the Corporate Debtor, seeking to initiate Corporate Insolvency Resolution Process (CIRP). The Operational Creditor claimed that the Corporate Debtor failed to make payment of a sum of ₹60,27,682.00 as principal amount and ₹65,23,039.00 as interest at the rate of 24% p.a. The date of default, taking the last of the invoices into account, is 28.03.2014.

## Facts

Aadilaxmi Trading Company, the Operational Creditor, filed a Company Petition under Section 9 of the Insolvency & Bankruptcy Code, 2016 (IBC) against Bhadramaruti Concast Private Limited, the Corporate Debtor. The Operational Creditor supplied M S Scrap to the Corporate Debtor and raised several invoices, which are placed on record as Annexure 6&7. The date of default, taking the last of the invoices into account, is 28.03.2014. The total debt due and payable to the Operational Creditor is ₹1,25,50,721.00, including principal and interest at 24% per annum. The Operational Creditor sent a Demand Notice dated 26.10.2018 to the Corporate Debtor, which was received on 30.10.2018. The Corporate Debtor acknowledged the liability of debt vide its Confirmation of

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor is in default of a debt …

**Ratio:** Section 4(1) of the IBC stipulates a minimum default amount of one lakh rupees for

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**Reasoning:** The Adjudicating Authority noted that the Corporate Debtor is in default of a debt due

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**Interpretation:** Section 4(1) sets the threshold for initiating CIRP, ensuring that only

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**Application:** The Corporate Debtor's default of ₹1,25,50,721.00 exceeds the minimum

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## Parties

- **Judges:** Rajasekha…; RavikumarDu…
- **Appellants:** Aadilaxmi Trading…
- **Respondents:** Bhadramaruti…; Anil D. L…

## Timeline

- **2014-03-28 — Date of D…**: The date of default, taking the last of the…
- **2018-10-26 — Demand N…**: The Operational Creditor sent a Demand Notice…

## 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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