# In the matter of Laurent Tiles Private Limited C.P. No. (IB) 470-9-NCLT-AHM-2019

> NCLT judgment dated 2020-02-20. Citation: TCN-2020-NCLT-01859. The case involves an application filed by SVM Cera Private Limited, an operational creditor,…

- **Court:** NCLT
- **Order date:** 20 Feb 2020
- **Citation:** TCN-2020-NCLT-01859
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/laurent-tiles-private-limited-cp-no-ib-470-9-nclt-ahm-2019-af8d2a05

## Summary

### Background

The case involves an application filed by SVM Cera Private Limited, an operational creditor, against Laurent Tiles Private Limited, the corporate debtor, under Section 9 of the Insolvency and Bankruptcy Code, 2016. The operational creditor claimed that the corporate debtor defaulted in paying an outstanding amount for goods supplied between 26.11.2015 and 15.06.2018. The petition was initially filed on 3rd July, 2019, and after multiple opportunities, the respondent did not appear, leading to an ex parte hearing on 13.02.2020.

## Facts

SVM Cera Private Limited, the operational creditor, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Laurent Tiles Private Limited, the corporate debtor. SVM Cera claimed that Laurent Tiles defaulted on payments for goods supplied between 26.11.2015 and 15.06.2018. The outstanding amount, including interest at 24% per annum, totaled Rs. 21,87,975 as of 31.05.2019. The operational creditor provided documents such as a demand notice, calculation of the operational debt, and ledger accounts to support its claim. The petition was filed on 3rd July, 2019, and the corporate debtor did not appear despite multiple opportunities. The adjudicating authority found that the petition was within the limitation period, there was no denial of the

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## Issues and analysis

### Issue 1: Whether there is an 'operational debt' as defined …

**Ratio:** The Insolvency and Bankruptcy Code, 2016 defines 'operational debt' and sets a minimum

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**Reasoning:** The adjudicating authority must determine if the debt claimed qualifies as an operational

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**Interpretation:** The term 'operational debt' is interpreted based on the definition provided in

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**Application:** The adjudicating authority examined the evidence to determine if the debt

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## Parties

- **Judges:** Manorama…; Chockalingam…
- **Appellants:** SVM Cera Private…
- **Respondents:** Laurent Tiles…

## Timeline

- **2015-11-26 — Start of Good…**: SVM Cera Private Limited started supplying…
- **2018-06-15 — End of Goods…**: SVM Cera Private Limited stopped supplying…

## 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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