# In the matter of Cane Agro Energy (India) Limited CP (IB)No.3010-MB-C-IV-2019

> NCLT judgment dated 2020-06-10. Citation: TCN-2020-NCLT-01194. Isgec Heavy Engineering Limited, an operational creditor, filed a Company Petition under…

- **Court:** NCLT
- **Order date:** 10 Jun 2020
- **Citation:** TCN-2020-NCLT-01194
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/cane-agro-energy-india-limited-cp-ibno3010-mb-c-iv-2019-c4613e7e

## Summary

### Background

Isgec Heavy Engineering Limited, an operational creditor, filed a Company Petition under Section 9 of the Insolvency & Bankruptcy Code, 2016 (IBC) to initiate Corporate Insolvency Resolution Process (CIRP) against Cane Agro Energy (India) Limited, the corporate debtor, for failing to pay a sum of ₹12,46,524.00 as principal and ₹10,69,620.00 as interest as on 21.12.2015. The operational creditor supplied and supervised the erection and commissioning of a Condensate Flash Recovery System (CIGAR) for the corporate debtor's sugar production business, for a total consideration of ₹45,00,000/-. The corporate debtor had only paid ₹39,00,000/-. The operational creditor also claimed that the corporate debtor failed to provide Central Sales Tax Form 'C', resulting in

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## Facts

Isgec Heavy Engineering Limited (Operational Creditor) filed a petition under Section 9 of the IBC against Cane Agro Energy (India) Limited (Corporate Debtor) due to unpaid dues. The Corporate Debtor issued a purchase order on 17.08.2015 for the supply and supervision of Erection and Commissioning of one Condensate Flash Recovery System (CIGAR) for ₹45,00,000/-. The Operational Creditor received ₹39,00,000/-, leaving a balance of ₹6,00,000/-. The Corporate Debtor also failed to provide Central Sales Tax Form 'C', leading to additional tax liability of ₹16,49,726/-. A cheque issued by the Corporate Debtor for ₹12,46,524/- was dishonored with the remark "Payment stopped by Drawer". A demand notice was served on 11.05.2019. The total debt due and payable to the

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## Issues and analysis

### Issue 1: Whether the application made by the Operational Creditor is complete in all respects as required by …

**Ratio:** Section 9 of the IBC and related rules outline the requirements for an operational

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**Reasoning:** The Adjudicating Authority determined that the application was complete in all respects,

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**Interpretation:** The completeness of the application is a prerequisite for the Adjudicating

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**Application:** The Adjudicating Authority reviewed the application and supporting documents

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## Parties

- **Judges:** Rajasekha…; RavikumarDu…
- **Appellants:** Isgec Heavy…
- **Respondents:** Cane Agro Energy…

## Timeline

- **2015-08-17 — Purchase Orde…**: The Corporate Debtor issued a Purchase Order to the Operational Creditor for the supply…
- **2017-07-29 — Commissioning…**: The Operational Creditor completed the…

## 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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