# In the matter of R&M International Private Limited CP (IB) No.749-MB-C-IV-2017

> NCLT judgment dated 2020-01-01. Citation: TCN-2020-NCLT-02586. The case involves a petition filed by M/s Ercon Composites, the Operational Creditor, under…

- **Court:** NCLT
- **Order date:** 1 Jan 2020
- **Citation:** TCN-2020-NCLT-02586
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/rm-international-private-limited-cp-ib-no749-mb-c-iv-2017-d2244ecb

## Summary

### Background

The case involves a petition filed by M/s Ercon Composites, the Operational Creditor, under Section 9 of the Insolvency & Bankruptcy Code, 2016 (IBC), to initiate Corporate Insolvency Resolution Process (CIRP) against R&M International Private Limited, the Corporate Debtor, due to unpaid dues for supplied carbon fibre laminates. The Operational Creditor claimed that the Corporate Debtor failed to make payment of ₹69,76,937/-. The Corporate Debtor argued that the goods supplied were defective and that no demand notice was served.

## Facts

M/s Ercon Composites, the Operational Creditor, supplied carbon fibre laminates to R&M International Private Limited, the Corporate Debtor, based on orders placed by the latter. A settlement was reached on 08.07.2014, where the Corporate Debtor agreed to pay ₹79,76,937/- in five installments. The Corporate Debtor paid the first installment of ₹10,00,000/-, leaving an outstanding amount of ₹69,76,937/-. A cheque issued by the Corporate Debtor for the outstanding amount, dated 02.03.2015, bounced. The Operational Creditor issued a statutory notice on 23.07.2015, which was received by the Corporate Debtor on 27.07.2015. The Operational Creditor filed a winding-up petition before the Bombay High Court on 14.10.2015, which was later transferred to NCLT. The Corporate

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## Issues and analysis

### Issue 1: Whether the petition filed by the Operational Creditor is complete and maintainable under Section 9 …

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

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**Reasoning:** The Adjudicating Authority found that the petition was complete in all respects as

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**Interpretation:** Section 9 outlines the conditions and procedures for an operational creditor to

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**Application:** The Authority determined that the Operational Creditor had met the requirements

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## Parties

- **Judges:** Rajasekha…; Ravikumar…; +1 more
- **Appellants:** M/s Ercon…
- **Respondents:** R&M International…

## Timeline

- **2014-07-08 — Settlement Ag…**: Corporate Debtor agreed to pay…
- **2015-03-02 — Cheque I…**: Corporate Debtor issued a cheque…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 14 — Moratorium](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-14)

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