# in the matter of Lakshmi Insolvent Pvt. Ltd. CP No. (IB) 15-ALD-2017

> NCLT judgment dated 2017-06-01. Citation: TCN-2017-NCLT-00824. The present company (I & B) petition was fixed for pronouncement of the order in respect of…

- **Court:** NCLT
- **Order date:** 1 Jun 2017
- **Citation:** TCN-2017-NCLT-00824
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/lakshmi-insolvent-pvt-ltd-cp-no-ib-15-ald-2017-6a2f9f9e

## Summary

### Background

The present company (I & B) petition was fixed for pronouncement of the order in respect of C.P. Nos. 13, 14, 15, 16 and 17 of 2017 as these petitions are based on same / similar nature of facts hence are being disposed of though a common order. The applications were found complete in terms of Section 9(5)(2) of the Insolvency and Bankruptcy Code.

## Facts

Several operational creditors filed petitions against Lakshmi Solvent Pvt Ltd under Section 9 of the Insolvency and Bankruptcy Code, 2016, for non-payment of outstanding dues. The corporate debtor, Lakshmi Solvent Pvt Ltd, had allegedly defaulted on payments to multiple operational creditors, including M/s J.R. Agro Industries Private Limited, M/s Abhi Agro Industries Private Limited, M/s Jai Lakshmi Solvents Private Limited, M/s Arohul Foods Private Limited, and M/s. Rungata Industries Private Limited. The invoices for payment were raised by the operational creditors, and goods were delivered to the corporate debtor. The corporate debtor claimed that a Memorandum of Understanding (MOU) existed with Mr. Dinesh Arora, which affected the payment obligations. However, the

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## Issues and analysis

### Issue 1: Whether the applications are complete in terms of Section 9(5)(2) of the Insolvency and Bankruptcy …

**Ratio:** Section 9(5)(2) of the Insolvency and Bankruptcy Code specifies the requirements for an

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**Reasoning:** The court found that the applications were complete in terms of Section 9(5)(2) of the

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**Interpretation:** Section 9(5)(2) requires that the application be accompanied by the necessary

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**Application:** The court applied Section 9(5)(2) to the facts of the case and found that the

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## Parties

- **Judges:** Harihar Prakash…
- **Respondents:** Lakshmi Solvent…

## Timeline

- **2017-06-01 — Order Da…**: The order was…
- **2017-01-01 — Petitions…**: C.P. Nos. 13, 14, 15, 16…

## 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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