# In the matter of Richa Industries Limited CP (IB) No.80-Chd-Hry-2018

> NCLT judgment dated 2018-12-18. Citation: TCN-2018-NCLT-00055. M/s Tata Blue Scope Steel Limited filed a petition under Section 9 of the Insolvency &…

- **Court:** NCLT
- **Order date:** 18 Dec 2018
- **Citation:** TCN-2018-NCLT-00055
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/richa-industries-limited-cp-ib-no80-chd-hry-2018-64a147a4

## Summary

### Background

M/s Tata Blue Scope Steel Limited filed a petition under Section 9 of the Insolvency & Bankruptcy Code, 2016, to initiate insolvency resolution process against M/s Richa Industries Limited, the respondent-corporate debtor. The petitioner, an operational creditor, claimed that the corporate debtor defaulted on payments for the supply of Non Alloy Steel Coils. The petitioner company was incorporated on 09.02.2005. The respondent company was incorporated on 15.09.1993. The petitioner filed the resolution of the Board of Directors of the company dated 19.11.2013 authorising Mr.Riten Choudhury, Managing Director of the petitioner company to represent the petitioner company in legal matters and proceedings before the Court and other Government authorities. The matter was

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## Facts

M/s Tata Blue Scope Steel Limited (operational creditor) filed a petition against M/s Richa Industries Limited (corporate debtor) under Section 9 of the Insolvency & Bankruptcy Code, 2016, for initiating insolvency resolution process due to unpaid dues for the supply of Non Alloy Steel Coils. The corporate debtor approached the operational creditor in February 2017 for the supply of goods for its project in Kashipur, Uttarakhand. A purchase order was issued on 28.02.2017, and a sales contract was entered into on the same date. The corporate debtor made an initial payment of ₹14,42,843.36. The operational creditor issued a commercial invoice dated 29.04.2017 for part delivery of goods worth ₹16,77,132.86 and a bill of exchange for ₹7,17,598.55. A letter of credit

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## Issues and analysis

### Issue 1: Whether the demand notice sent by the petitioner in Form 3 as prescribed in Rule 5 (1) of the Rules …

**Ratio:** The operational creditor has adopted the notice and filed the instant petition to

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**Reasoning:** The demand notice was issued by Ms.Sonali Thakur, Assistant Manager-Legal of the

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**Interpretation:** The court interpreted that the operational creditor's adoption of the notice

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**Application:** The court applied this reasoning to the facts by noting that the operational

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## Parties

- **Judges:** R.P.Nag…; Pradeep R.…
- **Appellants:** M/s Tata Blue…
- **Respondents:** M/s Richa…

## Timeline

- **2005-02-09 — Incorporation of…**: The petitioner company, M/s Tata Blue…
- **1993-09-15 — Incorporation of…**: The respondent company, M/s Richa…

## 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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