# In the matter of Modern India Con Cast Limited C.P. (IB) No. 723-KB-2019

> NCLT judgment dated 2019-10-22. Citation: TCN-2019-NCLT-00856. The case pertains to an application filed under Section 9 of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 22 Oct 2019
- **Citation:** TCN-2019-NCLT-00856
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/modern-india-con-cast-limited-cp-ib-no-723-kb-2019-c4f7d867

## Summary

### Background

The case pertains to an application filed under Section 9 of the Insolvency and Bankruptcy Code, 2016, by Rishav Coke Product Private Limited (Operational Creditor) for initiating the Corporate Insolvency Resolution Process (CIRP) against Modern India Con-Cast Limited (Corporate Debtor). The Operational Creditor claimed that the Corporate Debtor defaulted on a payment of Rs. 1,09,72,861.90/- which fell due on April 1, 2017. The Operational Creditor had supplied goods to the Corporate Debtor against purchase orders, supported by tax-paid invoices and delivery notes. Despite a demand notice issued on April 4, 2019, and a reply received on April 12, 2019, the Corporate Debtor failed to make the payment.

## Facts

Rishav Coke Product Private Limited (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Modern India Con-Cast Limited (Corporate Debtor). The Operational Creditor claimed that the Corporate Debtor defaulted on a payment of Rs. 1,09,72,861.90/- which fell due on April 1, 2017. The Operational Creditor had supplied goods to the Corporate Debtor against purchase orders, supported by tax-paid invoices and delivery notes. The Corporate Debtor made a partial payment of Rs. 10,00,000/- via RTGS, but no further payments were made, leading to the discontinuation of supply. A demand notice was issued on April 4, 2019, and a reply was received on April 12, 2019,

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## 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

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**Reasoning:** The court observed that the application was complete in all respects, and the claim of

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**Interpretation:** Section 9 provides the requirements for an operational creditor to initiate

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

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## Parties

- **Judges:** Jinan…; Harish Chander…
- **Appellants:** Rishav Coke…
- **Respondents:** Modern India Con…

## Timeline

- **2017-04-01 — Debt Due…**: The debt of Rs.…
- **2019-03-26 — Board Resolut…**: Board Resolution dated 26th March, 2019 to file the present petition under Section 9 of…

## 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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