# In the matter of MVK Global Enterprises Private Limited CP (IB) No. 197-9-AMR-2019

> NCLT judgment dated 2020-05-20. Citation: TCN-2020-NCLT-01348. The case pertains to a petition filed under Section 9 of the Insolvency and Bankruptcy Code,…

- **Court:** NCLT
- **Order date:** 20 May 2020
- **Citation:** TCN-2020-NCLT-01348
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/mvk-global-enterprises-private-limited-cp-ib-no-197-9-amr-2019-48031d92

## Summary

### Background

The case pertains to a petition filed under Section 9 of the Insolvency and Bankruptcy Code, 2016, by Viki Industries Private Limited (the Petitioner) against MVK Global Enterprises Private Limited (the Respondent), seeking initiation of the Corporate Insolvency Resolution Process (CIRP) due to default in payment of an operational debt. The Petitioner, a supplier of steel, claimed that the Respondent failed to pay an outstanding amount of Rs. 30,50,049/- despite supplying steel rods as per orders placed from time to time. The Respondent admitted to owing Rs. 30,20,049/- but disputed the Petitioner's claimed amount. The Respondent also requested time to clear the outstanding amount, which the Petitioner acknowledged but subsequently issued a demand notice without

…

## Facts

Viki Industries Private Limited (the Petitioner), a private limited company and supplier of steel, filed a petition against MVK Global Enterprises Private Limited (the Respondent), also a private limited company, under Section 9 of the Insolvency and Bankruptcy Code, 2016. The Petitioner claimed that it had supplied steel rods to the Respondent as per orders placed from time to time. Six invoices were issued between April and August 2018, totaling Rs. 32,78,953/-. After adjusting for payments, Rs. 30,50,049/- remained outstanding. The Respondent failed to make the payment despite reminders. The Petitioner issued a demand notice dated 01.07.2019, which was delivered on 08.07.2019, but the Respondent did not respond. In its counter, the Respondent admitted that it owed

…

## Issues and analysis

### Issue 1: Whether the Respondent owed an …

**Ratio:** The definition of 'debt' under Section 3(11) of the Insolvency and Bankruptcy Code, 2016,

…

**Reasoning:** The court found that the Petitioner had supplied goods to the Respondent, and invoices

…

**Interpretation:** The court interpreted the provisions of the IBC to mean that even a disputed

…

**Application:** The court applied the ratio to the facts, finding that the Respondent owed an

…

## Parties

- **Judges:** Janab Mohammed…
- **Appellants:** Viki Industries…
- **Respondents:** MVK Global…

## Timeline

- **2018-04-30 — Invoice…**: Invoices No. 475, 474,…
- **2018-08-07 — Invoice…**: Invoices No. 2707 and…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 8 — Insolvency resolution by operational creditor](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-8)

---

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/mvk-global-enterprises-private-limited-cp-ib-no-197-9-amr-2019-48031d92