# In the matter of Omkar Gratings Private Limited C.P. No. 4464-I&BP-2018

> NCLT judgment dated 2019-12-09. Citation: TCN-2019-NCLT-00276. Tapan Engineers and Fabricators filed a Company Petition under Section 9 of the Insolvency &…

- **Court:** NCLT
- **Order date:** 9 Dec 2019
- **Citation:** TCN-2019-NCLT-00276
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/omkar-gratings-private-limited-cp-no-4464-ibp-2018-1826b63c

## Summary

### Background

Tapan Engineers and Fabricators filed a Company Petition under Section 9 of the Insolvency & Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against Omkar Gratings Pvt. Ltd. The petitioner, an operational creditor, claimed that the corporate debtor defaulted in making a payment of ₹5,15,57,288/-, including interest. The petitioner was engaged in the business of trading iron and steel and supplied MS sheet cutting to the corporate debtor. The invoices remained unpaid, and the ledger statement as of 30.09.2018 showed an amount of ₹3,78,75,308/- due. The petitioner also enclosed minutes of meetings dated 23.10.2017, where the corporate debtor confirmed the payment of the outstanding amount and interest against the sale of

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## Facts

Tapan Engineers and Fabricators (Petitioner) filed a petition to initiate Corporate Insolvency Resolution Process (CIRP) against Omkar Gratings Pvt. Ltd. (Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC). The Petitioner claimed the Corporate Debtor defaulted on a payment of ₹5,15,57,288/-, including interest, for MS sheet cutting supplied vide several invoices. The ledger statement as of 30.09.2018 showed ₹3,78,75,308/- due. The Corporate Debtor allegedly confirmed the debt in a meeting on 23.10.2017, promising payment from the sale of a plot. The Corporate Debtor issued five cheques of ₹10 lacs each, which were dishonored. The Corporate Debtor denied the allegations, claiming the Petitioner instructed them to ignore the demand notice

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## Issues and analysis

### Issue 1: Whether the petition filed by Tapan Engineers and Fabricators under Section 9 of the Insolvency and …

**Ratio:** Section 9 of the IBC allows an operational creditor to initiate CIRP against a corporate

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**Reasoning:** The court noted that the amount in default was more than Rs. 1 lac. The court also

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**Interpretation:** Section 9 of the IBC provides the framework for operational creditors to

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**Application:** The court applied the provisions of Section 9 and the interpretation of 'claim'

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## Parties

- **Judges:** SUCHITRA KANUPARTH…; V. Nallasen…; +1 more
- **Appellants:** Tapan Engineers…
- **Respondents:** Omkar Gratings…

## Timeline

- **2017-10-23 — Meeting betwee…**: Corporate Debtor admitted liability and confirmed to sell flat at Mamor Wada and pay Rs.…
- **2017-12-31 — Payment de…**: Corporate Debtor was supposed to pay the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 3(6) — Definitions](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-3)

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