# In the matter of Global Houseware Ltd. CP No. 73-PB-2017

> NCLT judgment dated 2017-05-03. Citation: TCN-2017-NCLT-00866. Anant Overseas Pvt. Ltd. filed a petition under Section 9 of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 3 May 2017
- **Citation:** TCN-2017-NCLT-00866
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/global-houseware-ltd-cp-no-73-pb-2017-d94b796c

## Summary

### Background

Anant Overseas Pvt. Ltd. filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate a Corporate Insolvency Resolution Process against Global Houseware Limited. Anant Overseas claimed to be an operational creditor, and Global Houseware was described as the corporate debtor. The corporate debtor had been purchasing raw materials from the operational creditor. The corporate debtor defaulted in payments from 2016-05-02 to 2017-02-14.

## Facts

Anant Overseas Pvt. Ltd. (Operational Creditor) filed a petition against Global Houseware Ltd. (Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code, 2016. The Operational Creditor is a private limited company incorporated under the Companies Act with its registered office in New Delhi. The Corporate Debtor is also a private limited company engaged in the trade of Stainless Steel products. The Corporate Debtor purchased raw materials from the Operational Creditor. The Corporate Debtor defaulted on payments from 2016-05-02 to 2017-02-14. The last payment was made on 2016-09-30. A sum of Rs. 2,47,77,635.62 was found due. Interest was agreed at 24% per annum for late payments. A notice of demand was issued on 2017-03-29. The Corporate Debtor

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## Issues and analysis

### Issue 1: Whether the Operational Creditor has successfully demonstrated the Corporate Debtor's inability to …

**Ratio:** The initiation of the Insolvency Resolution process is mandatory when the Operational

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**Reasoning:** The court reasoned that the Corporate Debtor admitted the default and their inability to

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**Interpretation:** Section 9 of the Insolvency and Bankruptcy Code, 2016 allows an operational

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

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## Parties

- **Judges:** M. M. K…; R. VARADH…
- **Appellants:** Anant Overseas…
- **Respondents:** Global Houseware…
- **Advocates:** Manu Ba…; B.S.…

## Timeline

- **2016-05-02 — Default Sta…**: The Corporate Debtor started defaulting on…
- **2016-09-30 — Last Pay…**: The last payment made by the Corporate…

## 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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