# In the matter of Jeevan Polymers Private Limited CP (IB) No. 123-9-HDB-2018

> NCLT judgment dated 2018-08-24. Citation: TCN-2018-NCLT-00904. The case involves an application filed by Shruti Impex, an operational creditor, under Section…

- **Court:** NCLT
- **Order date:** 24 Aug 2018
- **Citation:** TCN-2018-NCLT-00904
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/jeevan-polymers-private-limited-cp-ib-no-123-9-hdb-2018-48d574df

## Summary

### Background

The case involves an application filed by Shruti Impex, an operational creditor, under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Jeevan Polymers Pvt Ltd, the corporate debtor, for an outstanding operational debt of Rs. 40,63,877/-. The operational creditor supplied PET Bottle Grade Granules to the corporate debtor based on four purchase orders, but the corporate debtor only partially paid the bills, leaving a balance outstanding. The corporate debtor contended that the petition was not maintainable due to non-compliance with statutory provisions, discrepancies in the claimed debt amount, and the operational creditor not being a valid entity under the IBC. The corporate debtor also claimed to have made payments through Mr. Aziz Sultan of Monarch

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## Facts

Shruti Impex (Operational Creditor) filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016 against Jeevan Polymers Pvt Ltd (Corporate Debtor) for an outstanding debt of Rs. 40,63,877/-. Shruti Impex supplied PET Bottle Grade Granules to Jeevan Polymers based on four purchase orders. The Corporate Debtor made partial payments, leaving a balance. The Operational Creditor issued a demand notice dated 20.12.2017, but received no response. The Corporate Debtor contended that the petition was not maintainable, citing non-compliance with statutory provisions and discrepancies in the debt amount. The Corporate Debtor also claimed that the Operational Creditor was not a valid entity under the IBC and that payments were made through Mr. Aziz Sultan of

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## Issues and analysis

### Issue 1: Whether the Operational Creditor's petition …

**Ratio:** Section 9 of the IBC allows an operational creditor to initiate corporate insolvency

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**Reasoning:** The Adjudicating Authority found that the Operational Creditor had established a default

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**Interpretation:** Section 9 of the IBC provides the framework for operational creditors to

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**Application:** The Adjudicating Authority applied Section 9 of the IBC to the facts of the

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## Parties

- **Judges:** Ratakonda…; Ratakonda…
- **Appellants:** Shruti…
- **Respondents:** Jeevan Polymers…
- **Advocates:** M. Manj…; G.S. Jaga…; +1 more

## Timeline

- **2015-10-14 — Purchase…**: Purchase order No. 223 dated…
- **2016-01-19 — Purchase…**: Purchase order No. 416 dated…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 5 — Definitions](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-5)

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