# In the matter of Inox Wind Limited CP (IB) No. 31-Chd-HP-2017

> NCLT judgment dated 2017-07-05. Citation: TCN-2017-NCLT-00763. Jeena and Co., an operational creditor, initiated a corporate insolvency resolution process…

- **Court:** NCLT
- **Order date:** 5 Jul 2017
- **Citation:** TCN-2017-NCLT-00763
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/inox-wind-limited-cp-ib-no-31-chd-hp-2017-9887312a

## Summary

### Background

Jeena and Co., an operational creditor, initiated a corporate insolvency resolution process against Inox Wind Limited, the corporate debtor, under Section 9 of the Insolvency and Bankruptcy Code, 2016. The operational creditor claimed an outstanding amount of ₹57,54,864/- as of 25.03.2017 for providing customer clearance services. The corporate debtor was incorporated under the Companies Act, 1956 on 09.04.2009. The operational creditor sent a demand notice dated 05.05.2017, which the corporate debtor acknowledged receiving via a letter dated 20.05.2017. The corporate debtor, in its reply dated 20.05.2017, denied the allegations but reserved the right to reply further. The petitioner filed an affidavit in support of the application on 27.05.2017.

## Facts

Jeena and Co., the operational creditor, filed a petition under Section 9 of the IBC, 2016, against Inox Wind Limited, the corporate debtor, for an outstanding debt of ₹57,54,864/- as of 25.03.2017. The debt arose from customer clearance services provided by Jeena and Co. to Inox Wind Limited under a service agreement dated 01.04.2015. The agreement stipulated a 90-day credit period for payment of agency charges. Jeena and Co. raised invoices to Inox Wind Limited totaling ₹87,31,644/-, out of which Inox Wind Limited paid ₹29,76,780/-. A Memorandum of Understanding (MOU) dated 25.03.2017 was reached between the parties, wherein Inox Wind Limited admitted the outstanding amount of ₹57,54,864/- and agreed to a payment schedule. Jeena and Co. relied on this MOU. Jeena and

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## Issues and analysis

### Issue 1: Whether the application filed by the operational creditor under Section 9 of the IBC, 2016 is …

**Ratio:** Section 9 of the IBC, 2016 outlines the requirements for an operational creditor to

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**Reasoning:** The court examined the application and found that the operational creditor had provided

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**Interpretation:** The completeness of the application is a prerequisite for its admission. The

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**Application:** In this case, the court found the application to be complete as the operational

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## Parties

- **Judges:** R.P.Nag…
- **Appellants:** Jeena &…
- **Respondents:** Inox Wind L…

## Timeline

- **2009-04-09 — Incorporation of…**: Inox Wind Limited was incorporated…
- **2015-04-01 — Service Agr…**: Jeena and Co. and Inox Wind Limited entered into a service agreement for customer…

## 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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