# In the matter of Kredo Beauty Pvt. Ltd. (IB)-1164(ND)2019

> NCLT judgment dated 2020-01-16. Citation: TCN-2020-NCLT-02302. The case originates from a petition filed by M/s. Punjabi Accessoriezz Pvt. Ltd. (Operational…

- **Court:** NCLT
- **Order date:** 16 Jan 2020
- **Citation:** TCN-2020-NCLT-02302
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/kredo-beauty-pvt-ltd-ib-1164nd2019-19859d32

## Summary

### Background

The case originates from a petition filed by M/s. Punjabi Accessoriezz Pvt. Ltd. (Operational Creditor) under Section 9 of the Insolvency and Bankruptcy Code, 2016, read with Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s. Kredo Beauty Pvt. Ltd. (Corporate Debtor). The Operational Creditor claimed that the Corporate Debtor defaulted in making payments for goods supplied.

## Facts

M/s. Punjabi Accessoriezz Pvt. Ltd. (Operational Creditor) filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s. Kredo Beauty Pvt. Ltd. (Corporate Debtor) due to unpaid operational debt. The Operational Creditor is engaged in the business of trading beauty products and accessories. The Corporate Debtor issued a purchase order on 18.09.2018 for Mask Beauty Products. The Operational Creditor issued a proforma invoice, which was accepted by the Corporate Debtor. The Corporate Debtor requested changes to the proforma invoice, including payment terms within 30 days, which the Operational Creditor accepted. Goods were delivered to the Corporate Debtor's warehouse on 20.10.2018

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## Issues and analysis

### Issue 1: Whether the petition filed by the Operational Creditor is complete and establishes a default in …

**Ratio:** Section 9(5) of the IBC states that if the petition is complete and there is a default in

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**Reasoning:** The court found that the petition was complete and that the Corporate Debtor had

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**Interpretation:** The legal issue revolves around whether the Operational Creditor has provided

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**Application:** The court applied the ratio to the facts by examining the evidence presented by

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## Parties

- **Judges:** Ina Mal…; Shri. L. N.…
- **Appellants:** M/s. Punjabi…
- **Respondents:** M/s Kredo Beauty…

## Timeline

- **2018-09-18 — Purchase…**: Corporate Debtor issued a purchase order bearing No. LDE/Sep-18/1 for supply of Mask…
- **2018-10-20 — Goods Del…**: Goods were delivered to the Corporate Debtor's…

## 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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