# In the matter of Perfact Color Digital Prints Pvt. Ltd. (IB)-1974 (ND) 2019

> NCLT judgment dated 2019-12-09. Citation: TCN-2019-NCLT-00268. The case involves an application filed by Rajat Mitra, proprietor of M/S Caldron Graphics…

- **Court:** NCLT
- **Order date:** 9 Dec 2019
- **Citation:** TCN-2019-NCLT-00268
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/perfact-color-digital-prints-pvt-ltd-ib-1974-nd-2019-195f81ec

## Summary

### Background

The case involves an application filed by Rajat Mitra, proprietor of M/S Caldron Graphics (Operational Creditor), under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Perfact Color Digital Prints Pvt. Ltd. (Corporate Debtor). The Operational Creditor claimed that the Corporate Debtor defaulted on payments for the purchase of an HP Latex 360 Printer and related software.

## Facts

Rajat Mitra, operating as M/S Caldron Graphics, is an operational creditor engaged in the business of importing and supplying solvent printers and inks. Perfact Color Digital Prints Pvt. Ltd. is the corporate debtor. On 2015-07-29, the Corporate Debtor approached the Operational Creditor to purchase an HP Latex 360 Printer with ONYX RIP Software Version 11 for Rs. 14,89,200. The Corporate Debtor issued a cheque for Rs. 13,89,200, which was dishonored on 2016-08-16 due to 'Insufficient Funds'. The Operational Creditor issued a demand notice on 2019-07-27, seeking Rs. 25,60,680, inclusive of interest. The Corporate Debtor failed to pay or dispute the debt. The Operational Creditor filed a complaint under Section 138 of the Negotiable Instruments Act, 1881, which is

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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 of the Insolvency and Bankruptcy Code, 2016 allows an operational creditor to

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**Reasoning:** The court noted that the Operational Creditor had provided sufficient evidence, including

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

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**Application:** The court applied Section 9 to the facts, finding that the Operational Creditor

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## Parties

- **Judges:** (RETD.) RAJESH…; SUMITAPURKA…
- **Appellants:** Rajat M…
- **Respondents:** PERFACT COLOR…
- **Advocates:** S. K. S…

## Timeline

- **2015-07-29 — Purchase Ag…**: Corporate Debtor approached Operational Creditor for purchase of HP Latex 360 Printer and…
- **2016-08-16 — Cheque Dish…**: Cheque issued by Corporate Debtor for Rs. 13,89,200 was dishonored due to insufficient…

## 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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