# In the matter of Maa Tara Ispat Industries Private Limited C.P. (IB) No. 1223-KB-2018

> NCLT judgment dated 9 Apr 2019. Citation: TCN-2019-NCLT-03995. M/s. Vaishno Engineer System Associates, an operational creditor, filed an application under…

- **Court:** NCLT
- **Order date:** 9 Apr 2019
- **Citation:** TCN-2019-NCLT-03995
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/maa-tara-ispat-industries-private-limited-cp-ib-no-1223-kb-2018-9ded7611

## Summary

### Background

M/s. Vaishno Engineer System Associates, an operational creditor, filed an application under section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) against Maa Tara Ispat Industries Private Limited, the corporate debtor. The operational creditor claimed an outstanding operational debt of Rs. 18,76,140/-, which included a principal sum of Rs. 14,89,000/- and interest of Rs. 3,87,140/- accrued from March 2016 to April 30, 2018. This debt arose from fabrication, erection, installation, and commissioning of a furnace plant.

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## Facts

M/s. Vaishno Engineer System Associates, the operational creditor, filed an application under section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) against Maa Tara Ispat Industries Private Limited, the corporate debtor. The application sought to initiate the Corporate Insolvency Resolution Process (CIRP) due to an alleged unpaid operational debt totaling Rs. 18,76,140/-. This amount comprised a principal sum of Rs. 14,89,000/- and interest of Rs. 3,87,140/- calculated from March 2016 to April 30, 2018.

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## Issues and analysis

### Issue 1: Whether the application filed by the Operational Creditor under Section 9 of the IBC is complete…

**Ratio:** An application under Section 9 of the IBC is complete and admissible if the operational…

**Reasoning:** The court reasoned that the operational creditor had submitted all necessary documents as…

**Interpretation:** The court interpreted 'complete application' to mean that all statutory…

**Application:** In this case, the operational creditor provided work orders, invoices, and the…

## Parties

- **Judges:** Jinan…
- **Advocates:** Susanta…; Kaushik M…

## Timeline

- **May 25, 2009 — First Work…**: Corporate Debtor issued the first work order for fabrication jobs to the Operational…
- **February 8, 2016 — Last Invoic…**: The last invoice for goods supplied and services rendered by the Operational Creditor was…

## 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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