# in the matter of Jainex Techno Power Pvt. Ltd. IB-188-ND-2019

> NCLT judgment dated 2019-04-30. Citation: TCN-2019-NCLT-03609. M/s Samitech Electronics Pvt. Ltd. filed an application under Section 9 of the Insolvency and…

- **Court:** NCLT
- **Order date:** 30 Apr 2019
- **Citation:** TCN-2019-NCLT-03609
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/jainex-techno-power-pvt-ltd-ib-188-nd-2019-a5cde69c

## Summary

### Background

M/s Samitech Electronics Pvt. Ltd. filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s Jainex Techno Power Pvt. Ltd. The application was based on the alleged default in settling dues of Rs. 10,20,384/-, including interest, for the supply of electronic components. The applicant is in the business of manufacturing and trading soldering products, electronic components, and assembled PCBs. The respondent purchased electronic components on credit, with mutually agreed payment terms of 30 days from receipt of supplies, which they failed to adhere to.

## Facts

M/s Samitech Electronics Pvt. Ltd. (the Applicant) filed an application to initiate Corporate Insolvency Resolution Process (CIRP) against M/s Jainex Techno Power Pvt. Ltd. (the Respondent) under Section 9 of the Insolvency and Bankruptcy Code, 2016. The Applicant claimed that the Respondent defaulted in settling dues amounting to Rs. 10,20,384/-, which included interest, for the supply of electronic components. The Applicant is engaged in manufacturing and trading soldering products, electronic components, and assembled PCBs. The Respondent purchased electronic components from the Applicant on credit, agreeing to make payments within 30 days of receiving the supplies. However, the Respondent failed to make payments within the agreed timeframe. The Applicant maintained

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## Issues and analysis

### Issue 1: Whether the application filed by M/s Samitech Electronics Pvt. Ltd. under Section 9 of the …

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

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**Reasoning:** The tribunal considered the documents and submissions made by the applicant, including

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

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**Application:** The applicant, being an operational creditor, demonstrated the existence of a

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## Parties

- **Judges:** Ina Mal…; V.K. SUB…
- **Appellants:** M/s SAMITECH…
- **Respondents:** M/s JAINEX TECHNO…

## Timeline

- **2018-10-05 — Legal Demand…**: Applicant issued a legal…
- **2019-03-13 — Ex-parte Pro…**: The Tribunal proceeded ex-parte as…

## 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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