# 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-01861. The case involves an application filed by Sonkamal Enterprises Private Limited, the Operational…

- **Court:** NCLT
- **Order date:** 20 Feb 2020
- **Citation:** TCN-2020-NCLT-01861
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/ratnagiri-chemicals-private-limited-cp-ib-no-449-nclt-mb-2019-9e51b4aa

## Summary

### Background

The case involves an application filed by Sonkamal Enterprises Private Limited, the 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 Corporate Insolvency Resolution Process (CIRP). The Operational Creditor claimed a total default of ₹3,49,04,949/- inclusive of interest at 21% per annum as on 30.11.2018. The Corporate Debtor contended that the debt amount claimed is incorrect and that there is a pre-existing dispute regarding the discrepancies in the amount claimed.

## Facts

Sonkamal Enterprises Private Limited (Operational Creditor) filed an application against Ratnagiri Chemicals Private Limited (Corporate Debtor) under Section 9 of the I&B Code, 2016, seeking to initiate CIRP. The Operational Creditor claimed a default of ₹3,49,04,949/-, including interest, as of 30.11.2018. The Operational Creditor had supplied Phenol and other chemicals to the Corporate Debtor between 18.12.2013 and 15.12.2016, totaling ₹2,43,47,036/-. The Corporate Debtor made a part payment of ₹6,00,000/- on 14.12.2016, leaving an outstanding balance of ₹2,37,47,036/-. The Operational Creditor maintained a running account of the Corporate Debtor, showing an outstanding debit balance of ₹1,86,89,487 as of 31.03.2017. The Corporate Debtor failed to pay the due

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## Issues and analysis

### Issue 1: Whether the application filed under Section 9 of the I&B Code, 2016 is complete and …

**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 requires the application to be complete in all respects, including

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**Application:** The court applied the ratio to the facts by verifying that the application was

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## Parties

- **Judges:** Bhaskara Pantula…; RAJESH S…
- **Appellants:** Sonkamal Enterpris…
- **Respondents:** Ratnagiri…

## Timeline

- **2018-11-30 — Default…**: The total default amount was ₹3,49,04,949/-…
- **2018-12-01 — Board Resolut…**: Board Resolution was passed authorizing Mr.…

## 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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