# In the matter of Oren Hydrocarbons Private Limited IBA-938-2019

> NCLT judgment dated 2021-02-24. Citation: TCN-2021-NCLT-02940. Akzo Nobel Industrial Chemicals BV, the Operational Creditor, filed an application under…

- **Court:** NCLT
- **Order date:** 24 Feb 2021
- **Citation:** TCN-2021-NCLT-02940
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/oren-hydrocarbons-private-limited-iba-938-2019-ad6acaec

## Summary

### Background

Akzo Nobel Industrial Chemicals BV, the Operational Creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Oren Hydrocarbons Private Limited, the Corporate Debtor, for initiating the Corporate Insolvency Resolution Process (CIRP). The Operational Creditor claimed a sum of USD 6,68,805 (₹4,68,16,350) as operational debt, including interest, based on unpaid invoices for goods supplied between November 2017 and December 2018. The Corporate Debtor failed to make payments despite the Operational Creditor's repeated attempts and a demand notice served under Section 8 of the IBC, 2016.

## Facts

Akzo Nobel Industrial Chemicals BV (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Oren Hydrocarbons Private Limited (Corporate Debtor). The Operational Creditor claimed USD 6,68,805 (₹4,68,16,350) as operational debt, including interest, for goods supplied between November 2017 and December 2018. The Corporate Debtor failed to pay despite repeated emails and a demand notice served on 04.12.2018. The Operational Creditor also filed an affidavit under Section 9(3)(b) of IBC, 2016, stating that there was no notice of dispute. The Corporate Debtor sought time for settlement negotiations, implying an admission of liability. The application was filed on 11.07.2019. The Corporate Debtor's registered office is

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## Issues and analysis

### Issue 1: Whether the application filed by the Operational Creditor is maintainable under Section 9 of the …

**Ratio:** Section 9 of the IBC, 2016 allows an operational creditor to initiate CIRP against a

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**Reasoning:** The Tribunal found that the Operational Creditor had submitted sufficient evidence,

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

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**Application:** The Tribunal applied Section 9 to the facts, determining that the Operational

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## Parties

- **Judges:** R. VARADH…; Anil Ku…
- **Appellants:** Akzo Nobel…
- **Respondents:** Oren Hydrocarbons…

## Timeline

- **2017-11-01 — Supply of…**: Operational Creditor supplied goods to Corporate Debtor between November 2017 and…
- **2018-12-04 — Demand N…**: Operational Creditor served a demand notice to the Corporate Debtor under Section 8 of…

## 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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