# In the matter of Primuss Pipes & Tubes Limited Company Petition (IB)No. 353-ALD-2019

> NCLT judgment dated 2021-08-04. Citation: TCN-2021-NCLT-01471. The case involves a petition filed by Ashish Ispat Private Limited, an operational creditor,…

- **Court:** NCLT
- **Order date:** 4 Aug 2021
- **Citation:** TCN-2021-NCLT-01471
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/primuss-pipes-tubes-limited-company-petition-ibno-353-ald-2019-096b97c1

## Summary

### Background

The case involves a petition filed by Ashish Ispat Private Limited, an operational creditor, against Primuss Pipes and Tubes Limited, the corporate debtor, under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of the Corporate Insolvency Resolution Process (CIRP). The operational creditor supplied H.R. coils to the corporate debtor, and invoices were issued. The corporate debtor failed to clear the outstanding amount despite reminders. A demand notice was issued under Section 8 of the IBC, 2016, demanding Rs. 1,05,88,978/- along with interest. Despite the demand notice, no payment was made. The corporate debtor stated that a settlement was under process and paid Rs. 10,00,000, but no further amount was disbursed.

## Facts

Ashish Ispat Private Limited (operational creditor) supplied H.R. coils to Primuss Pipes and Tubes Limited (corporate debtor). Invoices were issued to the corporate debtor. The corporate debtor failed to pay the outstanding amount despite reminders. The last invoice was issued on 2019-05-28. A demand notice was issued on 2019-07-20 under Section 8 of the IBC, 2016, demanding Rs. 1,05,88,978/- along with interest. The demand notice was received by the corporate debtor. No payment was made. The corporate debtor claimed a settlement was in process and paid Rs. 10,00,000. No further amount was disbursed. The operational creditor filed a petition under Section 9 of the IBC. The petition was filed on 2019-08-28. The corporate debtor did not appear on several hearing dates.

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## Issues and analysis

### Issue 1: Whether the application under Section 9 of the Insolvency and Bankruptcy Code, 2016 is complete and …

**Ratio:** Section 9(5) of the IBC outlines the conditions for admitting an application, including

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**Reasoning:** The court considered the provisions of Section 9(5) of the IBC and found that the

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**Interpretation:** Section 9 of the IBC provides the framework for an operational creditor to

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**Application:** In this case, the court found that the application was complete, the demand

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## Parties

- **Judges:** Rajesh Daya…
- **Appellants:** M/S ASHISH ISPAT…
- **Respondents:** PRIMUSS PIPES AND…
- **Advocates:** Anil K…; Adesh T…

## Timeline

- **2019-05-28 — Last Invoic…**: The last invoice was issued…
- **2019-07-20 — Demand Notice…**: Demand notice issued under Section 8 of the IBC, 2016, demanding Rs. 1,05,88,978/- along…

## 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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