# In the matter of Rolson Synthetics Private Limited CP (IB) No.3782-MB.II-2018

> NCLT judgment dated 2020-09-30. Citation: TCN-2020-NCLT-00482. The case involves a Company Petition filed under Section 9 of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 30 Sept 2020
- **Citation:** TCN-2020-NCLT-00482
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/rolson-synthetics-private-limited-cp-ib-no3782-mbii-2018-84e083eb

## Summary

### Background

The case involves a Company Petition filed under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) by Shree Sales Corporation Private Limited (Operational Creditor) against Rolson Synthetics Private Limited (Corporate Debtor) for initiating the Corporate Insolvency Resolution Process (CIRP). The Operational Creditor sought to initiate CIRP based on the Corporate Debtor's failure to pay a sum of ₹20,89,391.00, which was due as of 18.12.2017. The Operational Creditor is in the business of coal, coal gas production plant and equipment, coal and ore pressing plant and equipment, and tar processing plant and equipment. They supplied imported coal and steam coal to the Corporate Debtor as per their instructions and raised invoices.

## Facts

Shree Sales Corporation Private Limited (Operational Creditor) filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) against Rolson Synthetics Private Limited (Corporate Debtor) to initiate Corporate Insolvency Resolution Process (CIRP). The Operational Creditor claimed that the Corporate Debtor owed them ₹20,89,391.00 as of 18.12.2017, for the supply of imported coal and steam coal. The Operational Creditor had served a Demand Notice in Form 3 dated 06.09.2018 to the Corporate Debtor. The Corporate Debtor admitted the liability in their affidavit in reply, stating their inability to repay the debt due to the current market conditions of the textile industry. The invoices provided for interest at 18% per annum for delayed payments. The

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## Issues and analysis

### Issue 1: Whether the application made by the Operational Creditor is complete in all respects as required by …

**Ratio:** Section 9 of the Insolvency and Bankruptcy Code, 2016, read with Rule 6(1) of the

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**Reasoning:** The Adjudicating Authority determined that the application filed by the Operational

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**Interpretation:** The legal issue concerns the completeness of the application as per the

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**Application:** The Adjudicating Authority applied the legal requirements to the facts

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## Parties

- **Judges:** Rajasekha…; Ravikumar…; +1 more
- **Appellants:** Shree Sales…
- **Respondents:** Rolson Synthetics…

## Timeline

- **1988-06-07 — Incorporation of…**: Rolson Synthetics Private Limited was…
- **2017-12-18 — Date of D…**: The date of default for the payment of…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 2(20) — Application](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-2)

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