# In the matter of Dhanashree Agro Product Pvt. Ltd. CP (IB) No. 184-ALD-2017

> NCLT judgment dated 2018-04-24. Citation: TCN-2018-NCLT-01503. Centenary Polytex Pvt. Ltd., the operational creditor, filed an application under Section 9 of…

- **Court:** NCLT
- **Order date:** 24 Apr 2018
- **Citation:** TCN-2018-NCLT-01503
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/dhanashree-agro-product-pvt-ltd-cp-ib-no-184-ald-2017-48e5c94b

## Summary

### Background

Centenary Polytex Pvt. Ltd., the operational creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against Dhanashree Agro Product Pvt. Ltd., the corporate debtor, for unpaid operational debt. The application was supported by a board resolution from Centenary Polytex Pvt. Ltd. and a demand notice served to Dhanashree Agro Product Pvt. Ltd.

## Facts

Centenary Polytex Pvt. Ltd. (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Dhanashree Agro Product Pvt. Ltd. (Corporate Debtor) for unpaid operational debt. The operational debt arose from the purchase of goods by the corporate debtor, evidenced by invoices dated 03.12.2014 and 17.12.2014, amounting to Rs. 21,28,256 and Rs. 21,64,014 respectively. The Corporate Debtor made partial payments totaling Rs. 4,31,965, leaving an outstanding amount. A demand notice was issued on 29.07.2017. The total outstanding amount, including interest up to 15.07.2017 at 18% per annum, was Rs. 48,18,511. The operational creditor claimed that no payment or notice of dispute was received from the corporate debtor. The

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## Issues and analysis

### Issue 1: Whether the application filed by the operational creditor, Centenary Polytex Pvt. Ltd., is complete …

**Ratio:** Section 9 of the Insolvency and Bankruptcy Code, 2016, outlines the requirements for an

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**Reasoning:** The court found that the application filed by the operational creditor was complete and

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**Interpretation:** Section 9 of the IBC is interpreted to mean that an operational creditor can

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

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## Parties

- **Judges:** V. P. S…; Saroj Ra…
- **Appellants:** Centenary Polytex…
- **Respondents:** Dhanashree Agro…; Dhanashree Agro…

## Timeline

- **2017-06-26 — Board Reso…**: Board Resolution passed by Centenary Polytex Pvt. Ltd. authorizing Shri Rajiv Bansal to…
- **2017-07-29 — Demand N…**: Demand notice of unpaid operational debt issued by Centenary Polytex Pvt. Ltd. to…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 5(20) — Definitions](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-5)

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