# In the matter of B.T. & F. C. Private Limited C.P.(IB)No. 165-BB-2018

> NCLT judgment dated 2019-09-27. Citation: TCN-2019-NCLT-01200. The case involves an application filed by M/s. Radico Khaitan Limited, an operational creditor,…

- **Court:** NCLT
- **Order date:** 27 Sept 2019
- **Citation:** TCN-2019-NCLT-01200
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/bt-f-c-private-limited-cpibno-165-bb-2018-a0b30b06

## Summary

### Background

The case involves an application filed by M/s. Radico Khaitan Limited, an operational creditor, under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. B.T. & F.C. Private Limited, the corporate debtor. The operational creditor claimed that the corporate debtor defaulted on a payment of Rs. 5,72,49,000, which was due from 02.03.2016, along with an additional amount of Rs. 1,35,53,732. The operational creditor had initiated arbitration proceedings, which resulted in an award in their favor. The corporate debtor failed to pay the awarded amount, leading to the filing of the application under Section 9 of the IBC.

## Facts

M/s. Radico Khaitan Limited (Operational Creditor) filed C.P.(IB)No.165/BB/2018 under Section 9 of the IBC, 2016 against M/s. B.T. & F.C. Private Limited (Corporate Debtor) seeking to initiate CIRP. The Operational Creditor claimed a default of Rs. 5,72,49,000 due from 02.03.2016, along with Rs. 1,35,53,732. The Corporate Debtor approached the Operational Creditor for manufacturing India Made Foreign Liquor (IMFL) products, and they entered into agreements that were renewed over time, with the last agreement on 01.07.2007. Disputes arose, leading the Operational Creditor to invoke arbitration. The Operational Creditor appointed Justice Shri K. Ramamurthy as its nominee arbitrator on 22.05.2010, but the Corporate Debtor failed to appoint its nominee. The Operational

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## Issues and analysis

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

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

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**Reasoning:** The NCLT considered the arguments presented by both parties and examined the relevant

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**Interpretation:** Section 9 of the IBC provides a mechanism for operational creditors to recover

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**Application:** In this case, the operational creditor had demonstrated that the corporate

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## Parties

- **Judges:** Rajeswara Rao…; Ashok Kumar…
- **Appellants:** M/s.Radico…
- **Respondents:** M/s.B.T. & F.C.…
- **Advocates:** Udayarkar…; Avinesh Balakrishn…

## Timeline

- **2007-07-01 — Agreement E…**: The Corporate Debtor and Operational…
- **2010-05-22 — Arbitrator Ap…**: Operational Creditor appointed Justice Shri…

## 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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