# In the matter of Electra Global Resources Private Limited C.P. (IB) 746-MB-2019

> NCLT judgment dated 2019-11-28. Citation: TCN-2019-NCLT-00409. The case pertains to a Company Petition filed by Shree Balaji Metal & Alloys against Electra…

- **Court:** NCLT
- **Order date:** 28 Nov 2019
- **Citation:** TCN-2019-NCLT-00409
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/electra-global-resources-private-limited-cp-ib-746-mb-2019-8b268354

## Summary

### Background

The case pertains to a Company Petition filed by Shree Balaji Metal & Alloys against Electra Global Resources Private Limited under Section 8 & 9 of the Insolvency & Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP). The petitioner alleges that the corporate debtor defaulted in making payment of ₹2,76,59,878/-.

## Facts

Shree Balaji Metal & Alloys (Petitioner) filed a Company Petition against Electra Global Resources Private Limited (Corporate Debtor) under Section 8 & 9 of the IBC, 2016. The petitioner claimed that the corporate debtor defaulted in making payment of ₹2,76,59,878/-, invoking provisions of Section 8 and 9 of the Insolvency & Bankruptcy Code. The petitioner supplied goods to the corporate debtor and raised invoices, with an outstanding principal amount of ₹2,51,10,726/-. The petitioner issued a demand notice on 2019-01-15. The corporate debtor acknowledged the principal debt but disputed the interest. The petitioner agreed to waive the interest claim.

## Issues and analysis

### Issue 1: Whether the Corporate Debtor defaulted in making payment of outstanding amounts to the Petitioner, …

**Ratio:** Section 8 and 9 of the Insolvency & Bankruptcy Code, 2016, allows an operational

…

**Reasoning:** The court found that the Corporate Debtor admitted to the principal debt amount of

…

**Interpretation:** The court interpreted Section 8 and 9 of the IBC, 2016, to mean that if a

…

**Application:** The court applied the ratio to the facts by noting that the Corporate Debtor

…

## Parties

- **Judges:** SUCHITRAKAN…; V. Nallasen…
- **Appellants:** Shree Balaji…
- **Respondents:** Electra Global…
- **Advocates:** Aditya…; Pratik Jh…; +1 more

## Timeline

- **2019-01-15 — Demand Notice…**: The Petitioner issued a Demand Notice in Form 3 & 4 under Section 8 of the I&B Code,…
- **2019-10-14 — Hearing…**: During the hearing, the Counsel for the Corporate Debtor admitted the liability towards…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 8 — Insolvency resolution by operational creditor](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-8)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-chandigarh/electra-global-resources-private-limited-cp-ib-746-mb-2019-8b268354