# In the matter of Kalyanpur Cements Ltd.

> NCLT judgment dated 2017-05-01. Citation: TCN-2017-NCLT-00872. The application was filed by the Operational Creditor under Section 9(1) of the Insolvency and…

- **Court:** NCLT
- **Order date:** 1 May 2017
- **Citation:** TCN-2017-NCLT-00872
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/kalyanpur-cements-ltd-d69f20cc

## Summary

### Background

The application was filed by the Operational Creditor under Section 9(1) of the Insolvency and Bankruptcy Code, 2016, for initiating the Corporate Insolvency Resolution Process against the Operational Debtor, Kalyanpur Cements Ltd. The operational creditor claimed that the corporate debtor owed Rs. 1,53,66,760.18 due to transportation of fly ash from various power stations. Despite requests and reminders, the Operational Debtor made only partial payments, with the last payment of Rs. 2 lakhs made on June 19, 2015.

## Facts

M/s. Naresh Kumar & Company Pvt. Ltd. (Operational Creditor) filed an application against Kalyanpur Cements Limited (Operational Debtor) under Section 9(1) of the Insolvency and Bankruptcy Code, 2016. The Operational Creditor claimed that Kalyanpur Cements Limited owed Rs. 1,53,66,760.18 for the transportation of approximately 9000 MT of fly ash per month from various power stations, including Hindalco, Resusagar, DVC, and Bokaro Thermal Power Station, to the required destination. The debt arose from order no.383 dated 01.02.2011. Despite raising invoices, the Operational Debtor made only partial payments, with the last payment of Rs. 2 lakhs made on June 19, 2015. The Operational Creditor sent a legal notice on 17th October, 2016, to which the Operational Debtor

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## Issues and analysis

### Issue 1: Whether the Operational Debtor committed a default in making payment of outstanding dues to the …

**Ratio:** Section 9(5) of the Insolvency and Bankruptcy Code, 2016, requires the Adjudicating

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**Reasoning:** The court noted that the Operational Debtor had admitted the claim in its reply to the

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**Interpretation:** The court interpreted 'default' as the failure to pay a debt when it has become

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**Application:** The court applied the ratio to the facts, noting that the Operational Debtor

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## Parties

- **Judges:** Vijai Prata…; S. VIJAYARA…
- **Appellants:** Naresh Kumar &…
- **Respondents:** Kalyanpur Cements…
- **Advocates:** Surendra…; Shaunak…; +3 more

## Timeline

- **2011-02-01 — Order No…**: Order no.383 dated 01.02.2011, which led to the transportation agreement between the…
- **2015-06-19 — Last Payment by…**: The Corporate Debtor made a part payment of…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 9(1) — Application for initiation of corporate…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-9)

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