# In the matter of Perfect International Fabricators Private Limited IBA-330-2019

> NCLT judgment dated 2019-04-29. Citation: TCN-2019-NCLT-03661. The case involves a Company Petition filed under Section 9 of the Insolvency & Bankruptcy Code,…

- **Court:** NCLT
- **Order date:** 29 Apr 2019
- **Citation:** TCN-2019-NCLT-03661
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/perfect-international-fabricators-private-limited-iba-330-2019-9d784053

## Summary

### Background

The case involves a Company Petition filed under Section 9 of the Insolvency & Bankruptcy Code, 2016, by an Operational Creditor against a Corporate Debtor. The Operational Creditor claimed that the Corporate Debtor defaulted in paying an amount of ₹24,14,875 along with interest of ₹3,23,136 at the rate of 24% per annum, as reflected in the invoices raised against the Corporate Debtor. The Operational Creditor supplied paints and coatings to the Corporate Debtor between 20.02.2018 and 24.03.2018. After the Corporate Debtor failed to pay, the Operational Creditor sent a Statutory Notice on 26.10.2018 demanding payment. When no reply was received, the Operational Creditor initiated proceedings before the NCLT.

## Facts

The Operational Creditor, M/s. Jotun India Private Limited, supplied paints and coatings to the Corporate Debtor, M/s. Perfect International Fabricators Private Limited, between February 20, 2018, and March 24, 2018, for ₹24,14,875. The Corporate Debtor failed to make the payment. The Operational Creditor sent a Statutory Notice (Demand Notice in Form 3) on October 26, 2018, demanding payment of the invoice amount along with interest of ₹3,23,136 at the rate of 24% per annum. The Corporate Debtor sent an email dated 29.09.2018 stating that they would pay the money on the following Thursday from the date on which email was sent. When no reply was received within ten days, the Operational Creditor initiated proceedings before the NCLT. The Corporate Debtor remained

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## Issues and analysis

### Issue 1: Whether the Operational Creditor has proved the existence of debt and default by the Corporate …

**Ratio:** The legal principle applied is that if the Operational Creditor demonstrates the

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**Reasoning:** The NCLT reasoned that the documents filed by the Operational Creditor, including

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

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**Application:** In this case, the Operational Creditor provided invoices and a demand notice as

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## Parties

- **Judges:** B.S.V. Prakash…; S. VIJAYARA…
- **Respondents:** M/s. Perfect…; M/s. Jotun India…

## Timeline

- **2018-02-20 — Invoice Perio…**: Start date of the period during which the Operational Creditor supplied paints and…
- **2018-03-24 — Invoice Per…**: End date of the period during which the Operational Creditor supplied paints and coatings…

## 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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