# In the matter of Hansraj Agrofres Private Limited Company Petition (JB)No. 40-ALD-2019

> NCLT judgment dated 2020-02-06. Citation: TCN-2020-NCLT-02060. The case pertains to a petition filed under Section 9 of the Insolvency and Bankruptcy Code,…

- **Court:** NCLT
- **Order date:** 6 Feb 2020
- **Citation:** TCN-2020-NCLT-02060
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/hansraj-agrofres-private-limited-company-petition-jbno-40-ald-2019-474e06a0

## Summary

### Background

The case pertains to a petition filed under Section 9 of the Insolvency and Bankruptcy Code, 2016, by Magpet Polymers Private Limited (Operational Creditor) against M/s Hansraj Agrofresh Private Limited (Corporate Debtor) for initiation of Corporate Insolvency Resolution Process (CIRP) due to unpaid operational debt. The Operational Creditor supplied Plastic Pet Perform to the Corporate Debtor under mutually agreed terms. The Operational Creditor raised tax invoices aggregating to Rs. 1,41,81,904/-. A credit note of Rs. 10,154.50/- was issued for short supply. The Corporate Debtor made part payments totaling Rs. 97,62,085/-, leaving an outstanding principal of Rs. 44,09,664.50/-. The Corporate Debtor issued two cheques for Rs. 12,50,000/- each, which were dishonored

…

## Facts

Magpet Polymers Private Limited (Operational Creditor) supplied Plastic Pet Perform to M/s Hansraj Agrofresh Private Limited (Corporate Debtor) under agreed terms. The Operational Creditor raised tax invoices totaling Rs. 1,41,81,904/-. A credit note of Rs. 10,154.50/- was issued for short supply. The Corporate Debtor made part payments of Rs. 97,62,085/-, leaving a principal outstanding of Rs. 44,09,664.50/-. The Corporate Debtor issued two cheques of Rs. 12,50,000/- each, which were dishonored due to insufficient funds. A demand notice under Section 8 of the IBC was served on 2018-11-26, but no reply or payment was made. The Corporate Debtor acknowledged financial liability but claimed deductions for substandard goods. The Operational Creditor filed a petition under

…

## Issues and analysis

### Issue 1: Whether the application under Section 9 of the Insolvency and Bankruptcy Code, 2016, is complete …

**Ratio:** Section 9(5) of the IB Code specifies the conditions for admitting an application for

…

**Reasoning:** The Adjudicating Authority considered the submissions and documents presented by the

…

**Interpretation:** Section 9(5) is interpreted to mean that if all conditions are met, the

…

**Application:** In this case, the Operational Creditor demonstrated that the application was

…

## Parties

- **Judges:** Rajesh Daya…
- **Appellants:** Magpet Polymers…
- **Respondents:** M/s Hansraj…
- **Advocates:** Sh. Abhina…; Sh. Dewarsh…

## Timeline

- **2018-02-20 — Invoice…**: Invoices issued between…
- **2018-06-12 — Credit Note…**: Operational Creditor issued a…

## 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)

---

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/hansraj-agrofres-private-limited-company-petition-jbno-40-ald-2019-474e06a0