# In the matter of Lucra Jewels Pvt. Ltd. (IB) 112 (ND 2018

> NCLT judgment dated 2019-03-13. Citation: TCN-2019-NCLT-04447. The petitioner, M/s SRS Limited, an Operational Creditor, initiated a Corporate Insolvency…

- **Court:** NCLT
- **Order date:** 13 Mar 2019
- **Citation:** TCN-2019-NCLT-04447
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/lucra-jewels-pvt-ltd-ib-112-nd-2018-288824a2

## Summary

### Background

The petitioner, M/s SRS Limited, an Operational Creditor, initiated a Corporate Insolvency Resolution Process (CIRP) against the Respondent/Corporate Debtor, M/s Lucra Jewels Pvt. Ltd. The Operational Creditor is engaged in the business of Gold Jewellery and had supplied the same to the Corporate Debtor based on a mutually accepted agreement dated 03.04.2013. Invoices were raised, and the Operational Creditor maintained a running account. Despite requests for complete payments, the Corporate Debtor made only partial payments, with the last payment made on 27.11.2017. The total operational debt amounted to Rs 85,31,54,044/-.

## Facts

M/s SRS Limited, the Operational Creditor, supplied Gold Jewellery to M/s Lucra Jewels Pvt. Ltd., the Corporate Debtor, based on an agreement dated 03.04.2013. Invoices were raised, and a running account was maintained. The Corporate Debtor made partial payments, but a significant debt of Rs 85,31,54,044/- remained outstanding. The last payment was made on 27.11.2017. The Operational Creditor issued a notice under Section 8 of the IBC on 23.12.2017, which was not replied to. Subsequently, the Operational Creditor filed a petition for CIRP. The Corporate Debtor did not appear before the NCLT despite being served. The Operational Creditor has not proposed the name of Insolvency Resolution Professional.

## Issues and analysis

### Issue 1: Whether the petition for initiation of Corporate Insolvency Resolution Process against the …

**Ratio:** Section 9 of the Insolvency and Bankruptcy Code, 2016 allows an operational creditor to

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**Reasoning:** The court reasoned that the Operational Creditor had provided sufficient evidence of the

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**Interpretation:** Section 9 of the IBC provides a mechanism for operational creditors to recover

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**Application:** The court applied the provisions of Section 9 to the facts of the case, finding

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## Parties

- **Judges:** Ina Mal…
- **Appellants:** M/s SRS L…
- **Respondents:** M/s. Lucra Jewels…
- **Advocates:** Samaksh…

## Timeline

- **2013-04-03 — Agreement…**: Agreement between M/s SRS Limited and M/s Lucra Jewels Pvt. Ltd. for the supply of Gold…
- **2017-11-27 — Last Paymen…**: The Corporate Debtor made the last…

## 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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