# In the matter of Heatshrik Technologies Limited  (REPL Engineering Ltd.) C.P. No. 1351-I&B-2019

> NCLT judgment dated 2020-01-02. Citation: TCN-2020-NCLT-02574. The case involves a joint company petition filed by Thakorbhai Keshav Prajapati and others,…

- **Court:** NCLT
- **Order date:** 2 Jan 2020
- **Citation:** TCN-2020-NCLT-02574
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/heatshrik-technologies-limited-repl-engineering-ltd-cp-no-1351-ib-2019-965df6dd

## Summary

### Background

The case involves a joint company petition filed by Thakorbhai Keshav Prajapati and others, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against HeatShrink Technologies Limited. The petitioners allege that the Corporate Debtor defaulted on payments amounting to Rs. 24,39,130/- related to service benefits.

## Facts

Thakorbhai Keshav Prajapati and two others filed a joint petition to initiate CIRP against HeatShrink Technologies Limited, claiming a default of Rs. 24,39,130/-. The default pertains to unpaid leave encashment and gratuity. The petitioners served demand notices in April 2018, but received no reply. The Corporate Debtor acknowledged the dues but cited financial difficulties and inability to restart business operations. Letters from the Corporate Debtor to each petitioner admitted the liability and requested more time to clear the dues. Thakorbhai Keshav Prajapati's dues amounted to Rs. 14,30,625/-, Kiran Vasu's dues were Rs. 3,88,804/-, and Dilip Mhatre's dues were Rs. 6,19,701/-. The Corporate Debtor's letters, dated December 21, 2017, and May 21, 2018, acknowledged

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## Issues and analysis

### Issue 1: Whether the petition filed by the Petitioners is in compliance with the provisions of Section 8 …

**Ratio:** Section 8 and 9 of the Insolvency and Bankruptcy Code (IBC) outline the procedure for

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**Reasoning:** The court was satisfied that the petition filed by the Petitioners was in compliance with

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**Interpretation:** Section 8 and 9 of the IBC are interpreted to ensure that operational creditors

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**Application:** The court applied Section 8 and 9 of the IBC to the facts of the case, finding

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## Parties

- **Judges:** SUCHITRA KANUPARTH…; V. Nallasen…; +1 more
- **Appellants:** Thakorbhai Keshav…
- **Respondents:** HeatShrink…

## Timeline

- **2018-04-01 — Demand Notic…**: The petitioners individually sent demand notices under section 8 of the Code in Form 3,…
- **2017-12-21 — Corporate Debtor's…**: The Corporate Debtor sent a reply to Thakorbhai Keshav Prajapati, requesting more time to…

## 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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