# In the matter of Century Agro Chemicals Private Limited CP No. 615-IBC-NCLT-MB-MAH-2018

> NCLT judgment dated 2019-05-01. Citation: TCN-2019-NCLT-03566. The case pertains to a petition filed under Section 9 of the Insolvency and Bankruptcy Code,…

- **Court:** NCLT
- **Order date:** 1 May 2019
- **Citation:** TCN-2019-NCLT-03566
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/century-agro-chemicals-private-limited-cp-no-615-ibc-nclt-mb-mah-2018-f0f9c97e

## Summary

### Background

The case pertains to a petition filed under Section 9 of the Insolvency and Bankruptcy Code, 2016 (I&B Code) by Jyoti Polypack LLP, an Operational Creditor, against Century Agro Chemicals Private Limited, the Corporate Debtor, for default in payment of operational debt. Jyoti Polypack LLP supplied plastic cans and carboys to Century Agro Chemicals under 16 pre-printed excise invoices from 26.09.2016 to 25.03.2017, amounting to ₹33,79,114. The payment was to be made within 60 days. The Corporate Debtor made a partial payment of ₹4,15,872 between 27.06.2017 and 03.08.2017, leaving a remaining amount of ₹29,63,242 in default. A demand notice was issued to the Corporate Debtor on 20.02.2018, but no reply or payment was received.

## Facts

Jyoti Polypack LLP (Operational Creditor) supplied plastic cans and carboys to Century Agro Chemicals Private Limited (Corporate Debtor) under 16 pre-printed excise invoices from 26.09.2016 to 25.03.2017, totaling ₹33,79,114. The payment term was 60 days. The Corporate Debtor paid ₹4,15,872 between 27.06.2017 and 03.08.2017, leaving ₹29,63,242 unpaid. The last payment of ₹70,000 was received on 03.08.2017. Vishal Jain, a Chartered Accountant, was appointed as the authorized representative of the Operational Creditor. A demand notice under Section 8 of the I&B Code was issued on 20.02.2018, demanding ₹36,26,985 (including interest). The Corporate Debtor did not respond to the notice or make the payment. The Operational Creditor submitted that there were no instances

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## Issues and analysis

### Issue 1: Whether the petition filed by the Operational Creditor under Section 9 of the Insolvency and …

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

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**Reasoning:** The Bench reviewed the submissions and documents produced by the Operational Creditor,

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**Interpretation:** Section 9 of the I&B Code provides the framework for an operational

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

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## Parties

- **Judges:** Mr V. P.…; Mr Ravikumar…
- **Appellants:** Jyoti Polyp…
- **Respondents:** Century Agro…

## Timeline

- **2016-09-26 — Start of…**: Supply of plastic cans and carboys by Jyoti Polypack LLP to Century Agro Chemicals…
- **2017-03-25 — End of S…**: Supply of plastic cans and carboys by Jyoti Polypack LLP to Century Agro Chemicals…

## 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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