# In the matter of Matashree Snacks Private Limited C.P. (IB) No. 1077-KB-2019

> NCLT judgment dated 2020-01-02. Citation: TCN-2020-NCLT-02572. The case involves an application filed under Section 9 of the Insolvency and Bankruptcy Code,…

- **Court:** NCLT
- **Order date:** 2 Jan 2020
- **Citation:** TCN-2020-NCLT-02572
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/matashree-snacks-private-limited-cp-ib-no-1077-kb-2019-46c5b976

## Summary

### Background

The case involves an application filed under Section 9 of the Insolvency and Bankruptcy Code, 2016 by Arihant Techno Pack Private Limited (Operational Creditor) against Matashree Snacks Private Limited (Corporate Debtor) for initiation of the Corporate Insolvency Resolution Process (CIRP). The Operational Creditor claimed that the Corporate Debtor defaulted on payments for packaging films supplied between January 2016 and July 2016. The Corporate Debtor allegedly acknowledged the debt through an email dated December 7, 2017, after the dishonor of two cheques issued in October 2017.

## Facts

Arihant Techno Pack Private Limited (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Matashree Snacks Private Limited (Corporate Debtor) for initiating CIRP. The Operational Creditor supplied packaging films to the Corporate Debtor between January 2016 and July 2016. The Corporate Debtor failed to make full payment for the supplied goods. As of October 11, 2016, the outstanding amount was Rs. 46,41,122/-. The Corporate Debtor issued two cheques in October 2017 totaling Rs. 24,76,178/-, which were dishonored due to financial stress. The Corporate Debtor acknowledged the debt via email on December 7, 2017, promising to clear the dues in January and February 2018, along with interest at 12% p.a. The

…

## Issues and analysis

### Issue 1: Whether the application filed by the Operational Creditor under Section 9 of the Insolvency and …

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

…

**Reasoning:** The court examined the application and the documents submitted by the Operational

…

**Interpretation:** The completeness of the application is a prerequisite for its maintainability.

…

**Application:** The court found that the Operational Creditor had provided all the necessary

…

## Parties

- **Judges:** Jinan…; Harish Chander…
- **Appellants:** Arihant T…
- **Respondents:** Matashree Snacks…; Matashree…

## Timeline

- **2016-01-01 — Supply of Packaging…**: Operational Creditor supplied packaging films to the Corporate Debtor from January 2016…
- **2016-10-11 — Outstanding…**: The outstanding amount due to the…

## 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)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-chandigarh/matashree-snacks-private-limited-cp-ib-no-1077-kb-2019-46c5b976