# In the matter of Optus Laminates Private Limited C.P. NO. (IB) 434-9-NCLT-AHM-2019

> NCLT judgment dated 2020-07-02. Citation: TCN-2020-NCLT-01076. Yug International Private Ltd. (the operational creditor) filed a petition under Section 9 of…

- **Court:** NCLT
- **Order date:** 2 Jul 2020
- **Citation:** TCN-2020-NCLT-01076
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/optus-laminates-private-limited-cp-no-ib-434-9-nclt-ahm-2019-01ddd8b7

## Summary

### Background

Yug International Private Ltd. (the operational creditor) filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, read with Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, against Opus Laminates Private Limited (the corporate debtor). The operational creditor claimed that the corporate debtor had defaulted on payments for the supply of chemicals. The total amount claimed to be in default was Rs. 1,16,87,745/-, including interest, with the principal amount being Rs. 99,18,717/-.

## Facts

Yug International Private Ltd. (operational creditor) filed a petition against Opus Laminates Private Limited (corporate debtor) under Section 9 of the Insolvency and Bankruptcy Code, 2016. The operational creditor claimed a default of Rs. 1,16,87,745/-, including interest, with a principal amount of Rs. 99,18,717/- for the supply of chemicals. The corporate debtor had been purchasing chemicals from the operational creditor, and transactions occurred until January 2019. The operational creditor maintained a running account and raised invoices for the supplies. The corporate debtor acknowledged the outstanding amount of Rs. 99,18,717/- in a balance confirmation letter dated 01.03.2019, reflecting the accounts as of 28.02.2019. The operational creditor issued a demand

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## Issues and analysis

### Issue 1: Whether the application under Section 9 of the I&B Code is maintainable when the operational …

**Ratio:** The details of invoices which the applicant is trying to substitute in form 5 by way of

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**Reasoning:** The NCLT reasoned that the operational creditor was attempting to incorporate and replace

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**Interpretation:** Section 8 of the I&B Code mandates the issuance of a demand notice for the

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**Application:** The NCLT applied the ratio to the facts of the case and found that the

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## Parties

- **Judges:** Manorama…; Chockalingam…
- **Appellants:** Yug International…
- **Respondents:** Opus Laminates…
- **Advocates:** Pratik Th…; Jaimin…

## Timeline

- **2017-12-01 — Outstandin…**: Admitted outstanding dues due and…
- **2019-03-01 — Balance Confi…**: Corporate debtor admitted and acknowledged the outstanding principal amount of Rs.…

## 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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