# In the matter of Opal Luxury Time Products Limited CP (IB) 1332-MB-2020

> NCLT judgment dated 2021-08-03. Citation: TCN-2021-NCLT-01504. The case originates from an application filed by Supershine ABS Platers Private Limited, an…

- **Court:** NCLT
- **Order date:** 3 Aug 2021
- **Citation:** TCN-2021-NCLT-01504
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/opal-luxury-time-products-limited-cp-ib-1332-mb-2020-184e4c42

## Summary

### Background

The case originates from an application filed by Supershine ABS Platers Private Limited, an operational creditor, against Opal Luxury Time Products Limited, the corporate debtor, under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP). The operational creditor claimed a default of Rs. 10,45,467/-, including principal and interest, with the default date being 09.01.2018. The petitioner supplied Opal clock rings (gold) with Lacquer to the corporate debtor based on orders placed between 09.01.2018 and 10.03.2018, raising invoices accordingly. The corporate debtor made partial payments, leaving a balance due.

## Facts

Supershine ABS Platers Private Limited (Operational Creditor) filed CP(IB)1332/MB/2020 against Opal Luxury Time Products Limited (Corporate Debtor) under Section 9 of the Insolvency & Bankruptcy Code, 2016. The Operational Creditor claimed that the Corporate Debtor defaulted on a payment of Rs. 10,45,467/-, which included Rs. 6,92,514/- as principal and Rs. 3,52,953/- as interest at 24% p.a., with the date of default being 09.01.2018. The Operational Creditor supplied Opal clock rings (gold) with Lacquer to the Corporate Debtor based on orders placed between 09.01.2018 and 10.03.2018, raising six invoices totaling Rs. 9,11,190/-. The Corporate Debtor made a partial payment of Rs. 2,18,676/-, leaving a balance of Rs. 6,92,514/-. The Corporate Debtor acknowledged the

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## Issues and analysis

### Issue 1: Whether the application filed under Section 9 of the I&B Code, 2016, for initiating Corporate …

**Ratio:** Section 9 of the I&B Code allows an operational creditor to initiate CIRP against a

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**Reasoning:** The court considered the undisputed facts that the petitioner supplied goods to the

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**Interpretation:** Section 9 provides a mechanism for operational creditors to recover their dues

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**Application:** The ratio and reasoning were applied to the facts of the case, where the

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## Parties

- **Judges:** SUCHITRA KANUPARTH…; Chandra Bha…; +1 more
- **Appellants:** Supershine ABS…
- **Respondents:** Opal Luxury Time…

## Timeline

- **2018-01-09 — Date of D…**: The date on which the default of the operational debt occurred, as stated by the…
- **2018-01-09 — Orders P…**: The Corporate Debtor placed orders to the Petitioner for supply of Opal clock rings…

## 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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