# In the matter of Castings Dynamics Limited (Formerly, Indsur Global Ltd.)

> NCLT judgment dated 2019-09-24. Citation: TCN-2019-NCLT-01286. The case involves an application filed by Associated Road Carriers Limited, an Operational…

- **Court:** NCLT
- **Order date:** 24 Sept 2019
- **Citation:** TCN-2019-NCLT-01286
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/castings-dynamics-limited-formerly-indsur-global-ltd-130fc7ac

## Summary

### Background

The case involves an application filed by Associated Road Carriers Limited, an Operational Creditor, against Indsur Global Limited, the Corporate Debtor, under Section 9 of the Insolvency and Bankruptcy Code, 2016 (I&B Code), for initiating the Corporate Insolvency Resolution Process (CIRP). The application pertains to a default in payment for transportation services rendered by the Operational Creditor to the Corporate Debtor.

## Facts

Associated Road Carriers Limited (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Indsur Global Limited (Corporate Debtor) for initiating Corporate Insolvency Resolution Process (CIRP) due to unpaid dues. The Operational Creditor provided transportation services to the Corporate Debtor from 01.04.2015 to 30.06.2017 and raised invoices for these services. The Corporate Debtor defaulted on payments amounting to ₹61,18,701/-. The Operational Creditor issued a demand notice dated 08.06.2018 under Section 8 of the I&B Code, which was duly served on the Corporate Debtor. The Corporate Debtor acknowledged the debt in a Memorandum of Understanding dated 23.11.2017 and in balance confirmation letters. The

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## Issues and analysis

### Issue 1: Whether the application filed by the Operational Creditor under Section 9 of the I&B Code, …

**Ratio:** Section 9 of the I&B Code allows an operational creditor to initiate CIRP against a

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**Reasoning:** The court observed that the Operational Creditor had provided transportation services to

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

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**Application:** The court applied Section 9 to the facts of the case, finding that the

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## Parties

- **Judges:** V. P. S…; RAJESH S…
- **Appellants:** Associated Road…
- **Respondents:** Indsur Global…

## Timeline

- **2015-04-01 — Services Co…**: Applicant rendered transportation services to the Corporate Debtor from 01.04.2015 to…
- **2017-06-30 — Services Co…**: Applicant rendered transportation services to the Corporate Debtor from 01.04.2015 to…

## 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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