# In the matter of Diamond Polymers Private Ltd. CP (IB) No. 286-KB-2017

> NCLT judgment dated 2017-08-09. Citation: TCN-2017-NCLT-00647. Pushkar Impex Pvt. Ltd., an operational creditor, filed an application under Section 9 of the…

- **Court:** NCLT
- **Order date:** 9 Aug 2017
- **Citation:** TCN-2017-NCLT-00647
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/diamond-polymers-private-ltd-cp-ib-no-286-kb-2017-a2eff85a

## Summary

### Background

Pushkar Impex Pvt. Ltd., an operational creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Diamond Polymers Private Limited, the corporate debtor, alleging default in payment of operational debt. The operational creditor claimed that it supplied PVC goods to the corporate debtor, who failed to pay the outstanding amount. The operational creditor issued a demand notice under Section 8(1) of the IBC, but the corporate debtor neither replied nor made the payment.

## Facts

Pushkar Impex Pvt. Ltd. (operational creditor) supplied PVC goods to Diamond Polymers Private Limited (corporate debtor) on March 24, 2016, for a total value of Rs. 81,15,818. The goods were sold on credit for 90 days. The corporate debtor made a partial payment of Rs. 10,19,036.75, leaving a balance of Rs. 70,96,781.25. The corporate debtor failed to pay the outstanding amount by June 22, 2016. The operational creditor claimed interest at 12% per annum, bringing the total outstanding amount to Rs. 79,48,394.97 as of April 23, 2017. The operational creditor sent a demand notice on March 29, 2016, which was duly served on the corporate debtor on March 30, 2017. The corporate debtor did not reply to the notice or make the payment. The operational creditor then filed an

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## Issues and analysis

### Issue 1: Whether the application filed by the operational creditor under Section 9 of the Insolvency and …

**Ratio:** Section 9 of the Insolvency and Bankruptcy Code, 2016, allows an operational creditor to

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**Reasoning:** The court considered the provisions of Section 9 of the IBC and the requirements for

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

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**Application:** In this case, the operational creditor, Pushkar Impex Pvt. Ltd., had filed an

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## Parties

- **Judges:** Manorama…
- **Appellants:** M/S Pushkar Impex…
- **Respondents:** DIAMOND POLYMERS…

## Timeline

- **2016-03-24 — Supply of…**: Pushkar Impex Pvt. Ltd. supplied PVC goods to Diamond Polymers Private Limited for Rs.…
- **2016-06-22 — Payment Du…**: Diamond Polymers Private Limited failed to pay…

## 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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