# In the matter of Bony Systems and Technologies Limited (IB)-2198(ND)2019

> NCLT judgment dated 2020-02-12. Citation: TCN-2020-NCLT-01997. The case originates from a petition filed by I-Promark Services, an Operational Creditor, under…

- **Court:** NCLT
- **Order date:** 12 Feb 2020
- **Citation:** TCN-2020-NCLT-01997
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/bony-systems-and-technologies-limited-ib-2198nd2019-63f52d98

## Summary

### Background

The case originates from a petition filed by I-Promark Services, an Operational Creditor, under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC), read with Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016. I-Promark Services sought to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s Bony Systems and Technologies Ltd., the Corporate Debtor. The Operational Creditor claimed that the Corporate Debtor defaulted on payments for automotive filters supplied by I-Promark Services.

## Facts

I-Promark Services, an Operational Creditor, filed a petition under Section 9 of the IBC to initiate CIRP against M/s Bony Systems and Technologies Ltd., the Corporate Debtor. I-Promark Services claimed that it supplied automotive filters to the Corporate Debtor, resulting in an outstanding debt of Rs. 4,72,714. Three consignments were supplied against which invoices were raised on 2018-05-05. The Corporate Debtor argued that a pre-existing dispute existed, citing a reply dated 2019-06-06 to a demand notice under Section 8 of IBC and a reply to an MSEFC notice dated 2019-03-20. The Corporate Debtor also claimed to have returned the goods on 2019-01-12. I-Promark Services denied receiving the dispute notice and stated that the goods were returned after the stipulated

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor defaulted in payment of …

**Ratio:** Section 9(5) of the IBC states that if the amount of default is above Rs.1,00,000, the

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**Reasoning:** The NCLT found that the amount of default claimed by the Operational Creditor was above

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**Interpretation:** Section 9(5) of the IBC sets the threshold for admitting a petition based on

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**Application:** Since the outstanding debt was Rs. 4,72,714, which is above Rs. 1,00,000, this

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## Parties

- **Judges:** Ina Mal…; SHRI. L. N.…
- **Appellants:** I-Promark S…
- **Respondents:** M/s Bony Systems…

## Timeline

- **2010-05-06 — Incorporation of…**: M/s Bony Systems and Technologies Ltd.…
- **2018-05-05 — Invoices…**: Operational Creditor raised 3…

## 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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