# In the matter of P. R. Technoplast Pvt. Ltd. CP (IB) No. 24-Chd-Hry-2018

> NCLT judgment dated 2018-03-14. Citation: TCN-2018-NCLT-01704. The case pertains to an application filed under Section 9 of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 14 Mar 2018
- **Citation:** TCN-2018-NCLT-01704
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/p-r-technoplast-pvt-ltd-cp-ib-no-24-chd-hry-2018-b3474726

## Summary

### Background

The case pertains to an application filed under Section 9 of the Insolvency and Bankruptcy Code, 2016 by Swastik Polyvinyls Pvt. Ltd., an operational creditor, against P.R.Technoplast Pvt. Ltd., the corporate debtor, for initiating the insolvency resolution process due to unpaid operational debt. The operational creditor claimed that the corporate debtor defaulted on payments for goods supplied, leading to the filing of the petition before the National Company Law Tribunal (NCLT), Chandigarh Bench.

## Facts

Swastik Polyvinyls Pvt. Ltd. (the 'petitioner'), an operational creditor, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016 ('IBC') against P.R.Technoplast Pvt. Ltd. (the 'respondent'), a corporate debtor. The petitioner-company was incorporated on 19.05.1998. The respondent-company was incorporated on 26.06.2013. The petitioner claimed that the respondent defaulted on payments for goods supplied under 8 invoices, with an outstanding balance of ₹12,11,398/- out of a total of ₹13,81,535/-. The petitioner provided a bank certificate confirming no payments were received from the respondent since 30.10.2016. The petitioner sent a demand notice dated 13.11.2017 to the respondent, which was duly delivered on 22.11.2017. The respondent did not send

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## Issues and analysis

### Issue 1: Whether the application filed by the operational creditor under Section 9 of the Insolvency and …

**Ratio:** Section 9(5) of the IBC stipulates that the Adjudicating Authority shall admit the

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**Reasoning:** The NCLT perused the application and found it complete in all respects. The Tribunal

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**Interpretation:** Section 9(5) outlines the conditions under which an application by an

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**Application:** In this case, the NCLT found that the application was complete, there was no

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## Parties

- **Judges:** R.P.Nag…; Pradeep R.…
- **Appellants:** SWASTIK POLYVINYLS…
- **Respondents:** P.R.TECHNOPLAST…
- **Advocates:** Gagandeep Singh…; Sunil Agg…

## Timeline

- **1998-05-19 — Incorporation of…**: Swastik Polyvinyls Pvt.…
- **2013-06-26 — Incorporation of…**: P.R.Technoplast Pvt.…

## 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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