# In the matter of Goodwin Jewellers Private Limited C.P. (IB) 1916-2019

> NCLT judgment dated 2019-12-20. Citation: TCN-2019-NCLT-00046. Payal Gold Private Limited, the Operational Creditor, filed a Company Petition seeking to…

- **Court:** NCLT
- **Order date:** 20 Dec 2019
- **Citation:** TCN-2019-NCLT-00046
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/goodwin-jewellers-private-limited-cp-ib-1916-2019-ae6a97b8

## Summary

### Background

Payal Gold Private Limited, the Operational Creditor, filed a Company Petition seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against Goodwin Jewellers Private Limited, the Corporate Debtor, due to alleged default in payment for goods supplied. The Operational Creditor claimed that the Corporate Debtor failed to pay for gold jewelry procured on three occasions during the financial year 2018-2019, despite the delivery of goods and issuance of dishonored cheques. A demand notice was served, to which the Corporate Debtor replied requesting more time for payment.

## Facts

Payal Gold Private Limited (Operational Creditor) supplied gold jewelry to Goodwin Jewellers Private Limited (Corporate Debtor) on three occasions during the financial year 2018-2019. Invoices were raised on 2019-02-22 (Rs. 42,00,000), 2019-02-23 (Rs. 42,00,000), and 2019-02-26 (Rs. 43,00,000), totaling Rs. 1,27,00,000. The goods were duly delivered. The Corporate Debtor issued cheques that were dishonored due to insufficient funds. The Operational Creditor sent reminders, but the Corporate Debtor cited financial difficulties and requested more time. A demand notice dated 2019-04-10 was sent to the Corporate Debtor and received on 2019-04-13. The Corporate Debtor replied on 2019-04-18, requesting 6-8 months to make payments, acknowledging their liability. The Corporate

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## Issues and analysis

### Issue 1: Whether the petition filed by the Operational Creditor is in compliance with the provisions of …

**Ratio:** The Insolvency and Bankruptcy Code, 2016 (IBC) outlines the procedure for initiating the

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**Reasoning:** The NCLT found that the Operational Creditor had complied with the provisions of Section

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**Interpretation:** Section 8 and 9 of the IBC are interpreted to mean that an operational creditor

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**Application:** In this case, the Operational Creditor provided evidence of the debt through

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## Parties

- **Judges:** Bhaskara Pantula…; Shyam Babu…
- **Appellants:** Payal Gold…
- **Respondents:** Goodwin Jewellers…

## Timeline

- **2019-02-22 — Invoice R…**: Invoice No. SG-5140 of Rs.…
- **2019-02-23 — Invoice R…**: Invoice No. SG-5164 of Rs.…

## 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)

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