# In the matter of IFB Industries Ltd., Vs.Attero Reycling Private Limited CP No. (IB) 379-ALD-2018

> NCLT judgment dated 2019-09-23. Citation: TCN-2019-NCLT-01324. The case involves an application filed by M/s IFB Industries Limited (Operational Creditor)…

- **Court:** NCLT
- **Order date:** 23 Sept 2019
- **Citation:** TCN-2019-NCLT-01324
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/ifb-industries-ltd-vsattero-reycling-private-limited-cp-no-ib-379-ald-2018-9cd5eb71

## Summary

### Background

The case involves an application filed by M/s IFB Industries Limited (Operational Creditor) under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of the Corporate Insolvency Resolution Process (CIRP) against M/s Attero Reclyling Private Limited (Corporate Debtor). The Operational Creditor and Corporate Debtor entered into a service agreement on December 18, 2014, where the Corporate Debtor was to collect and recycle e-waste from the Operational Creditor. Disputes arose regarding outstanding payments for the services rendered.

## Facts

M/s IFB Industries Limited (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate CIRP against M/s Attero Reclyling Private Limited (Corporate Debtor). The Operational Creditor and Corporate Debtor entered into a service agreement dated December 18, 2014, for e-waste collection and recycling. The agreement was renewed on December 18, 2015. The Operational Creditor claimed that the Corporate Debtor defaulted on payments for services rendered, with an outstanding principal amount of Rs. 9,30,865/- and interest of Rs. 4,63,870/-, totaling Rs. 13,94,735/- as of July 31, 2018. The Operational Creditor issued a demand notice under Section 8 of the IBC on July 5, 2018, which was served on the Corporate Debtor on

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## Issues and analysis

### Issue 1: Whether the Operational Creditor has complied with the requirements of Section 9 of the Insolvency …

**Ratio:** Section 9 of the IBC requires the Operational Creditor to demonstrate the existence of a

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**Reasoning:** The court found that the Operational Creditor had submitted sufficient evidence,

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**Interpretation:** Section 9 of the IBC is interpreted to mean that if an operational creditor can

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**Application:** The court applied this interpretation to the facts, noting that the Operational

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## Parties

- **Judges:** ABNI RANJAN KUMAR…; Saroj Ra…
- **Appellants:** M/s IFB Industries…
- **Respondents:** M/s Attero…

## Timeline

- **2014-12-18 — Service Agr…**: Operational Creditor and Corporate Debtor entered into a service agreement for e-waste…
- **2015-12-18 — Service Agreement…**: The service agreement was…

## 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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