# In the matter of Ishavashyam Infra LLP C.P. (I.B) No. 167-9-NCLT-AHM-2018

> NCLT judgment dated 2019-12-17. Citation: TCN-2019-NCLT-00130. The case involves an application filed by Nuvoco Vistas Corporation Limited (the Petitioner),…

- **Court:** NCLT
- **Order date:** 17 Dec 2019
- **Citation:** TCN-2019-NCLT-00130
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/ishavashyam-infra-llp-cp-ib-no-167-9-nclt-ahm-2018-14326dbc

## Summary

### Background

The case involves an application filed by Nuvoco Vistas Corporation Limited (the Petitioner), an operational creditor, against Ishavashyam Infra LLP (the Respondent), the corporate debtor, under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC). The petition seeks to initiate the Corporate Insolvency Resolution Process (CIRP) for the recovery of unpaid operational debt. The Respondent approached the Applicant for the purchase of Ready Mix Concrete (RMC), which was supplied between September and October 2015. The Applicant raised invoices, which were duly accepted by the Respondent. As per the terms of the purchase orders, payment was due within 15 days of each invoice. The Respondent failed to make the payments. The Respondent issued a cheque for part

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## Facts

Nuvoco Vistas Corporation Limited (Applicant) supplied Ready Mix Concrete (RMC) to Ishavashyam Infra LLP (Respondent) between September and October 2015, based on purchase orders placed by the Respondent. The purchase orders stipulated payment within 15 days of supply. The Applicant raised invoices for the supplies, which were accepted by the Respondent. The Respondent failed to make payments as per the agreed terms. The Respondent issued a cheque for Rs. 14,40,000/- towards part payment, but it was returned by the bank on 03.02.2016 with the remark 'payment stopped by the drawer'. The Applicant issued a legal notice on 02.03.2016 under Section 138 of the Negotiable Instruments Act, 1881, demanding payment of Rs. 14,40,000/-, and subsequently filed a criminal complaint

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## Issues and analysis

### Issue 1: Whether the application filed by the Petitioner under Section 9 of the Insolvency and Bankruptcy …

**Ratio:** Section 9(5)(i) of the IBC states that the Adjudicating Authority may admit the

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**Reasoning:** The Adjudicating Authority observed that the application filed by the Applicant was

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

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**Application:** The court found that the Applicant had provided all necessary documents,

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## Parties

- **Judges:** Harihar Prakash…; Prasanta Kumar…
- **Appellants:** Nuvoco Vistas…
- **Respondents:** Ishavashyam Infra…

## Timeline

- **2014-11-11 — Incorporation of…**: Ishavashyam Infra LLP was…
- **2015-09-01 — Purchase…**: Respondent placed purchase orders for…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 3(12) — Definitions](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-3)

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