# In the matter of Oneworld Creation Pvt. Ltd. C.P. No. 2044-I&BP-2018

> NCLT judgment dated 2018-09-07. Citation: TCN-2018-NCLT-00806. The case involves a Company Petition filed by Mr. Rahul Jhaveri, the sole proprietor of Shanaya…

- **Court:** NCLT
- **Order date:** 7 Sept 2018
- **Citation:** TCN-2018-NCLT-00806
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/oneworld-creation-pvt-ltd-cp-no-2044-ibp-2018-68d27906

## Summary

### Background

The case involves a Company Petition filed by Mr. Rahul Jhaveri, the sole proprietor of Shanaya Fashions, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against Oneworld Creations Pvt. Ltd. The petitioner alleges that Oneworld Creations Pvt. Ltd, the Corporate Debtor, defaulted on a payment of Rs. 11,98,52,570/- on 05.04.2018.

## Facts

Mr. Rahul Jhaveri, the sole proprietor of Shanaya Fashions, filed a Company Petition seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against Oneworld Creations Pvt. Ltd. The basis for the petition is the alleged default by Oneworld Creations Pvt. Ltd. (the Corporate Debtor) in making a payment of Rs. 11,98,52,570/-. The default occurred on 05.04.2018. Shanaya Fashions supplied fabrics to the Corporate Debtor from 22.12.2017 to 05.04.2018, raising invoices for Rs. 11,98,52,570/-. The Petitioner issued a demand notice on 09.05.2018 under section 8 of the IB Code. The Corporate Debtor replied on 11.05.2018, stating their clients defaulted in payments to them. The Corporate Debtor's counsel admitted the debt and default and expressed no objection to

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## Issues and analysis

### Issue 1: Whether the application filed by the Operational Creditor is in compliance with the provisions of …

**Ratio:** Section 8 and 9 of the Insolvency and Bankruptcy Code, 2016, outline the procedure for

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**Reasoning:** The Bench was satisfied that the application filed by the Operational Creditor complied

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**Interpretation:** The court interpreted that the application met the requirements of the IBC for

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**Application:** The application was deemed compliant because the Corporate Debtor admitted the

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## Parties

- **Judges:** Bhaskara Pantula…; V. Nallasen…
- **Appellants:** Rahul Jh…
- **Respondents:** Oneworld Creations…

## Timeline

- **2017-12-22 — Fabric Supply…**: Shanaya Fashions started supplying…
- **2018-04-05 — Fabric Supply Ends &…**: Shanaya Fashions stopped supplying fabrics to Oneworld Creations Pvt. Ltd. Oneworld…

## 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)

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