# In the matter of Himskaf Systems Pvt. Ltd. (IB)-1703(ND)2019

> NCLT judgment dated 2019-10-15. Citation: TCN-2019-NCLT-00976. Power2SME Pvt. Ltd., an operational creditor, filed a petition under Section 9 of the…

- **Court:** NCLT
- **Order date:** 15 Oct 2019
- **Citation:** TCN-2019-NCLT-00976
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/himskaf-systems-pvt-ltd-ib-1703nd2019-35b80474

## Summary

### Background

Power2SME Pvt. Ltd., an operational creditor, filed a petition under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Himskaf Systems Pvt. Ltd., the corporate debtor. The petition was based on unpaid operational debt. The operational creditor claimed that the corporate debtor defaulted on payments for goods supplied as per purchase orders. A demand notice was issued under Section 8 of the IBC, 2016.

## Facts

Power2SME Pvt. Ltd. (Operational Creditor) filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016 against Himskaf Systems Pvt. Ltd. (Corporate Debtor) for unpaid operational debt. The operational creditor claimed that they supplied goods to the corporate debtor as per purchase orders and raised invoices/debit notes against the goods supplied. The total outstanding amount was Rs. 1,28,25,619, including interest. The last part payment received by the petitioner was Rs. 411.37 on 27.09.2018. The corporate debtor issued two cheques for Rs. 50,00,000 and Rs. 20,00,000, which were dishonored. A demand notice was sent on 22.05.2019 under Section 8 of the IBC, 2016. The respondent company did not appear during the proceedings. A Bill Discounting

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## Issues and analysis

### Issue 1: Whether the petition under Section 9 of the IBC, 2016 is complete and establishes a default in …

**Ratio:** Section 9(5) of the IBC, 2016 allows for the admission of a petition if it is complete

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**Reasoning:** The court found that the petitioner had submitted sufficient evidence, including

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**Interpretation:** Section 9 of IBC provides the procedure for initiating CIRP by an operational

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**Application:** The court applied Section 9(5) to the facts, finding that the petitioner had

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## Parties

- **Judges:** SHRI. CH. MOHD.…; SHRI. L. N.…
- **Appellants:** Power2SME Pvt.…
- **Respondents:** Himskaf Systems…
- **Advocates:** Pankaj B…

## Timeline

- **2016-07-17 — Bill Discounting…**: A Bill Discounting Tripartite Agreement was executed between Himskaf Systems Private…
- **2018-09-27 — Last Part P…**: The last part payment received by…

## 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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