# In the matter of JV Strips Ltd. & Ors. (IB)-452(ND)2017

> NCLT judgment dated 2018-12-05. Citation: TCN-2018-NCLT-00182. The matter concerns an application filed by Mr. D. P. Garg & Co. Prop. Ltd, Company Secretary,…

- **Court:** NCLT
- **Order date:** 5 Dec 2018
- **Citation:** TCN-2018-NCLT-00182
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/jv-strips-ltd-ors-ib-452nd2017-d4f092a7

## Summary

### Background

The matter concerns an application filed by Mr. D. P. Garg & Co. Prop. Ltd, Company Secretary, seeking the release of their material supplied to the Corporate Debtor for processing job work. The applicant has produced invoices and title documents for the property. Certain materials have been identified at the Corporate Debtor's premises. The Resolution Professional (RP) states that the Corporate Debtor's business is ongoing and they have procured fresh materials.

## Facts

Mr. D. P. Garg & Co. Prop. Ltd, as Company Secretary, filed an application seeking the release of their material supplied to Power2sme Pvt. Ltd. (Corporate Debtor) for processing job work. The applicant provided invoices and title documents. The RP stated that the Corporate Debtor's business is ongoing and they have procured fresh materials. Approximately 160 Metric Tonnes of extra material, not procured during the CIR process, is claimed to be present. Allegations under Section 70 of the Code were made by the Operational Creditor, and the COC, where SBI is a major constituent, was not given notice.

## Issues and analysis

### Issue 1: Whether the material supplied by the applicant should be released from the Corporate Debtor's …

**Ratio:** The principle of ensuring fair treatment and preventing unjust enrichment applies. The

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**Reasoning:** The court supports the applicant's submission based on the documents presented. Releasing

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**Interpretation:** This issue involves interpreting the rights of a supplier who has provided

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**Application:** The ratio is applied to the specific facts by directing the RP to verify the

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## Parties

- **Judges:** Deepa Kr…; Ina Mal…; +1 more
- **Respondents:** Power2SME Pvt.…; JV Strips…

## Timeline

- **2018-12-04 — Hearing…**: Hearing before the New Delhi Bench of…
- **2018-12-17 — Report Subm…**: Report to be submitted on the…

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