# In the matter of Ratnagiri Chemicals Private Limited C.P. (IB) No. 449-NCLT-MB-2019

> NCLT judgment dated 2020-02-20. Citation: TCN-2020-NCLT-01856. The case involves an application filed by Sonkamal Enterprises Private Limited, an operational…

- **Court:** NCLT
- **Order date:** 20 Feb 2020
- **Citation:** TCN-2020-NCLT-01856
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/ratnagiri-chemicals-private-limited-cp-ib-no-449-nclt-mb-2019-0b84537e

## Summary

### Background

The case involves an application filed by Sonkamal Enterprises Private Limited, an operational creditor, against Ratnagiri Chemicals Private Limited, the corporate debtor, under Section 9 of the Insolvency and Bankruptcy Code, 2016 (I&B Code), for initiating the Corporate Insolvency Resolution Process (CIRP). The operational creditor claimed a total default of ₹3,49,04,949, including interest, as of 30.11.2018, for the supply of Phenol and other chemicals. The corporate debtor made a partial payment of ₹6,00,000 on 14.12.2016 but failed to make any further payments. The corporate debtor contended that the debt amount claimed was incorrect and that there was a pre-existing dispute regarding the discrepancies in the amount claimed.

## Facts

Sonkamal Enterprises Private Limited (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Ratnagiri Chemicals Private Limited (Corporate Debtor) for initiating Corporate Insolvency Resolution Process (CIRP). The claim was for a total default of ₹3,49,04,949, inclusive of interest at 21% per annum as of 30.11.2018. The debt arose from the supply of Phenol and other chemicals by the Operational Creditor to the Corporate Debtor between 18.12.2013 and 15.12.2016, totaling ₹2,43,47,036. The Corporate Debtor made a partial payment of ₹6,00,000 on 14.12.2016, but no further payments were made, resulting in an outstanding balance of ₹2,37,47,036. The Operational Creditor maintained a running account of the Corporate

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## Issues and analysis

### Issue 1: Whether the application under Section 9 of the I&B Code, 2016, for initiating CIRP against the …

**Ratio:** Section 9 of the I&B Code, 2016, outlines the requirements for an operational

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**Reasoning:** The court found that the application was complete and filed under the proper form. The

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**Interpretation:** Section 9 of the I&B Code requires the application to be complete in all

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**Application:** The court applied Section 9 to the facts, noting that the application was

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## Parties

- **Judges:** Mr Bhaskara…; Mr Rajesh…
- **Appellants:** Sonkamal Enterpris…
- **Respondents:** Ratnagiri…

## Timeline

- **2018-11-30 — Default…**: The total default amount, including…
- **2016-12-14 — Partial P…**: The Corporate Debtor made a…

## 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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