# In the matter of Gee Ispat Pvt. Ltd. CP No. (IB)-250-(ND)-2017

> NCLT judgment dated 2017-08-24. Citation: TCN-2017-NCLT-00525. The case involves an application filed under Section 9 of the Insolvency and Bankruptcy Code,…

- **Court:** NCLT
- **Order date:** 24 Aug 2017
- **Citation:** TCN-2017-NCLT-00525
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/gee-ispat-pvt-ltd-cp-no-ib-250-nd-2017-6f447197

## Summary

### Background

The case involves an application filed under Section 9 of the Insolvency and Bankruptcy Code, 2016, by M/S Shree Ram Lime Products Pvt. Ltd. (Operational Creditor) against M/s Gee Ispat Pvt. Ltd. (Corporate Debtor) for initiation of the Corporate Insolvency Resolution Process (CIRP). The Operational Creditor claimed that the Corporate Debtor defaulted in payment of invoices for goods supplied between 26.07.2013 and 16.01.2014. The Operational Creditor issued a demand notice under Section 8 of the Code, which the Corporate Debtor failed to comply with. The directors of the Corporate Debtor admitted the outstanding liability.

## Facts

M/S Shree Ram Lime Products Pvt. Ltd. (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against M/s Gee Ispat Pvt. Ltd. (Corporate Debtor). The Operational Creditor supplied raw materials to the Corporate Debtor. The Corporate Debtor defaulted on payments for invoices raised between 26.07.2013 and 16.01.2014. The Operational Creditor issued legal notices on 25.03.2014, 19.06.2014, and 18.12.2014, to which the Corporate Debtor replied on 25.06.2014 and 20.01.2015, requesting more time to make the payment while acknowledging the liability. A demand notice under Section 8 of the Code was issued on 01.07.2017, served on 10.07.2017, but the Corporate Debtor failed to pay. The directors of the Corporate Debtor admitted

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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(5)(i)(a) to (e) of the Insolvency and Bankruptcy Code, 2016, specifies the

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**Reasoning:** The court reasoned that the directors of the Corporate Debtor admitted the outstanding

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**Interpretation:** Section 9 of the IBC allows an operational creditor to initiate CIRP against a

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**Application:** The court applied the ratio to the facts of the case, noting that the

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## Parties

- **Judges:** Ina Mal…; S. K. MOH…
- **Appellants:** M/S Shree Ram…
- **Respondents:** M/s Gee Ispat…

## Timeline

- **2013-07-26 — Default in…**: Corporate Debtor defaulted in payment of…
- **2014-01-16 — Last Supply o…**: Last supply of goods made by the…

## 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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