# In the matter of Jay Polypack Private Limited C.P. (I.B) No.587-9-MCLT-AHM-2018

> NCLT judgment dated 2020-05-27. Citation: TCN-2020-NCLT-01315. The case involves an application filed by SGV Foils Private Limited, an operational creditor,…

- **Court:** NCLT
- **Order date:** 27 May 2020
- **Citation:** TCN-2020-NCLT-01315
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/jay-polypack-private-limited-cp-ib-no587-9-mclt-ahm-2018-a62874c2

## Summary

### Background

The case involves an application filed by SGV Foils Private Limited, an operational creditor, under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Jay Polypack Private Limited, the corporate debtor, for initiation of the Corporate Insolvency Resolution Process (CIRP) due to unpaid operational debt. The operational creditor claimed a default amount of INR 7,84,735.00 as of 31.07.2018 for goods supplied, along with an additional INR 4,26,571.00 towards interest charged on late payments. The total operational debt, including interest, amounted to INR 12,11,305.00. The corporate debtor had been purchasing induction ward from the operational creditor since 2015, with the operational creditor raising separate tax invoices for each delivery. The corporate

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## Facts

SGV Foils Private Limited (Operational Creditor) filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Jay Polypack Private Limited (Corporate Debtor) for unpaid operational debt. The Operational Creditor claimed that the Corporate Debtor defaulted on payments amounting to INR 7,84,735.00 as of 31.07.2018 for goods supplied. An additional INR 4,26,571.00 was claimed as interest on late payments, totaling INR 12,11,305.00. The Corporate Debtor had been purchasing induction ward from the Operational Creditor since 2015, with invoices raised for each delivery. Part payments were made, with the first invoice dated 11.12.2015 and the last dated 27.07.2016. No payments were received between August and November. A demand notice was sent on

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## Issues and analysis

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

**Ratio:** Section 9 of the Insolvency and Bankruptcy Code, 2016, outlines the requirements for an

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**Reasoning:** The Adjudicating Authority considered the documents and facts presented by the

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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:** In this case, the Operational Creditor provided sufficient evidence to

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## Parties

- **Judges:** Harihar Prakash…; Prasanta Kumar…
- **Appellants:** SGV Foils Private…
- **Respondents:** JAY POLYPACK PVT.…

## Timeline

- **2015-01-01 — Commencement of…**: The Respondent Company had desired of purchasing of induction ward therefore the…
- **2015-12-11 — First In…**: The first of said invoices as raised by Petitioner against the Corporate Debtor, is dated…

## 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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