# In the matter of Dhanurdhar Processors Private Limited C.P. (I.B) No. 357-9-NCLT-AHM-2018

> NCLT judgment dated 2020-06-05. Citation: TCN-2020-NCLT-01238. The case involves an application filed by Taranjot Resources Private Limited, the Operational…

- **Court:** NCLT
- **Order date:** 5 Jun 2020
- **Citation:** TCN-2020-NCLT-01238
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/dhanurdhar-processors-private-limited-cp-ib-no-357-9-nclt-ahm-2018-ac725059

## Summary

### Background

The case involves an application filed by Taranjot Resources Private Limited, the Operational Creditor, under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against Dhanurdhar Processors Private Limited, the Corporate Debtor. The Operational Creditor claims that the Corporate Debtor is indebted to them for INR 90,81,732.60, comprising a principal amount of INR 87,25,079.00 and interest of Rs. 3,56,662.72. The Corporate Debtor raised objections regarding defective letter of Authority and Board of Directors not being at the same place at the time of board meeting held on 19.04.2018 and also raised objections for the first time in its reply to petition that by way of confirmation letter dated

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## Facts

Taranjot Resources Private Limited, the Operational Creditor, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against Dhanurdhar Processors Private Limited, the Corporate Debtor. The Operational Creditor claimed that the Corporate Debtor was indebted to them for INR 90,81,732.60, comprising a principal amount of INR 87,25,079.00 and interest of Rs. 3,56,662.72. The debt fell due between 14.12.2017 and 04.01.2018. A demand notice dated 20.04.2018 was served upon the Corporate Debtor on 07.05.2018. The Corporate Debtor raised objections regarding defective letter of Authority and Board of Directors not being at the same place at the time of board meeting held on 19.04.2018

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## Issues and analysis

### Issue 1: Whether the Operational Creditor has established the existence of an operational debt exceeding one …

**Ratio:** Section 9 of the Insolvency and Bankruptcy Code, 2016, requires the existence of an

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**Reasoning:** The Adjudicating Authority considered the invoices and other documents submitted by the

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**Interpretation:** The term 'operational debt' is defined under the IBC and includes a claim in

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**Application:** The Adjudicating Authority applied the definition of 'operational debt' to the

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## Parties

- **Judges:** Harihar Prakash…; Prasanta Kumar…
- **Appellants:** Taranjot Resources…
- **Respondents:** Dhanurdhar…

## Timeline

- **2018-04-20 — Demand Noti…**: Demand Notice dated 20.04.2018 was duly served upon the Corporate Debtor and its two…
- **2018-05-07 — Service of Dema…**: Demand Notice dated 20.04.2018 was served upon…

## 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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