# In the matter of Indian Polychemical Industries Private Limited C.P (I B) No.381-9-NCLT-AHM-2018

> NCLT judgment dated 2020-02-27. Citation: TCN-2020-NCLT-01783. The case involves an I.B. Petition filed by M/s. Insecticides (India) Limited, an Operational…

- **Court:** NCLT
- **Order date:** 27 Feb 2020
- **Citation:** TCN-2020-NCLT-01783
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/indian-polychemical-industries-private-limited-cp-i-b-no381-9-nclt-ahm-2018-a571a112

## Summary

### Background

The case involves an I.B. Petition filed by M/s. Insecticides (India) Limited, an Operational Creditor, against M/s. Indian Polychemical Private Limited, the Corporate Debtor, under Section 9 of the Insolvency and Bankruptcy Code, 2016. The Operational Creditor claimed that the Corporate Debtor defaulted on payments for supplied agro products. The Corporate Debtor acknowledged the debt but cited financial difficulties and pending government permissions as reasons for non-payment. The petition seeks initiation of the Corporate Insolvency Resolution Process (CIRP).

## Facts

M/s. Insecticides (India) Limited, the Operational Creditor, filed an I.B. Petition against M/s. Indian Polychemical Private Limited, the Corporate Debtor, for non-payment of dues related to the supply of agro products. The Corporate Debtor approached the Operational Creditor in 2016-17 for the supply of various agro products. The Operational Creditor supplied materials and issued purchase orders. Several invoices were raised, totaling Rs. 42,61,161.00. The invoices stated that interest at 18% P.A. would be charged if payments were not made within the stipulated period. The Corporate Debtor issued cheques that were dishonored. The Corporate Debtor acknowledged the debt in a letter dated 02.11.2017. The Operational Creditor issued a notice under Section 8 of the IBC.

…

## Issues and analysis

### Issue 1: Whether the present I.B. Petition filed by the Operational Creditor is maintainable under Section 9 …

**Ratio:** Section 9 of the Insolvency and Bankruptcy Code, 2016 allows an operational creditor to

…

**Reasoning:** The court considered the documents and submissions made by both parties, including

…

**Interpretation:** Section 9 provides a mechanism for operational creditors to recover their dues

…

**Application:** The court applied Section 9 to the facts of the case and found that the

…

## Parties

- **Judges:** Harihar Prakash…; Prasanta Kumar…
- **Appellants:** Insecticides…
- **Respondents:** Indian Polychemica…; Indian Polychemica…

## Timeline

- **2016-07-07 — Invoice…**: First invoice issued by the…
- **2016-07-13 — Invoice…**: Second invoice issued by the…

## 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/indian-polychemical-industries-private-limited-cp-i-b-no381-9-nclt-ahm-2018-a571a112