# In the matter of Everon Castings Private Limited CP-666-(IB)-CB-2017

> NCLT judgment dated 2017-12-29. Citation: TCN-2017-NCLT-00002. The case involves a Company Petition filed by M/s. Precision Machine & Auto Components Private…

- **Court:** NCLT
- **Order date:** 29 Dec 2017
- **Citation:** TCN-2017-NCLT-00002
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/everon-castings-private-limited-cp-666-ib-cb-2017-c0b343b0

## Summary

### Background

The case involves a Company Petition filed by M/s. Precision Machine & Auto Components Private Limited (Operational Creditor) against M/s. Everon Castings Private Limited (Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code 2016. The Operational Creditor claimed that the Corporate Debtor defaulted on payments for machining products supplied under various invoices. The Corporate Debtor contested the claim, alleging that the Operational Creditor's application was based on a forged letter and that the Corporate Debtor had suffered losses due to the non-delivery of products by the Operational Creditor.

## Facts

M/s. Precision Machine & Auto Components Private Limited (Operational Creditor) filed a Company Petition against M/s. Everon Castings Private Limited (Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code 2016. The Operational Creditor claimed that the Corporate Debtor owed Rs. 41,38,752/- for machining products supplied under various invoices (U3-L/3589 to U3-L/6671 dated 30.03.2015 to 13.06.2015). The payment was to be made within 60 days of the invoice. The Corporate Debtor had acknowledged an outstanding payment of Rs. 30,60,850/- (without TDS) and stated they hoped to complete the payments by March, 2017. The Operational Creditor sent a Demand Notice dated 31.05.2017. The Corporate Debtor contested the claim, alleging that the Operational

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## Issues and analysis

### Issue 1: Whether the Operational Creditor has proved that a default has occurred for which the Corporate …

**Ratio:** The Adjudicating Authority is satisfied that the petitioner has proved by placing

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**Reasoning:** The petitioner established clearly that the amount in default is genuine and is supported

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**Interpretation:** Section 9 of the I&B Code requires the Operational Creditor to prove the

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**Application:** The Operational Creditor provided invoices, acknowledgment of debt, and proof

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## Parties

- **Judges:** K. Anantha…; S. VIJAYARA…
- **Appellants:** M/s. Precision…
- **Respondents:** M/s. Everon…
- **Advocates:** A.G. Sathyanarayan…; B. Karth…

## Timeline

- **2015-03-30 — Invoice…**: Invoices U3-L/3589 to…
- **2015-06-13 — Invoice…**: Invoices U3-L/3589 to…

## 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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