# In the matter of Royaloak Steels Private Limited CP (IB) No. 388-9-HDB-2019

> NCLT judgment dated 2019-10-15. Citation: TCN-2019-NCLT-00990. The case involves a Company Petition filed by M/s. Aadit Metal Trade Private Limited…

- **Court:** NCLT
- **Order date:** 15 Oct 2019
- **Citation:** TCN-2019-NCLT-00990
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/royaloak-steels-private-limited-cp-ib-no-388-9-hdb-2019-c43782d3

## Summary

### Background

The case involves a Company Petition filed by M/s. Aadit Metal Trade Private Limited (Operational Creditor) against M/s. Royaloak Steels Private Limited (Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code, 2016. The Operational Creditor claimed that the Corporate Debtor approached them for the supply of various steel products at an agreed price. The Operational Creditor supplied the materials, raising 48 invoices for a total value of ₹5,34,13,303 between 09.02.2019 and 28.02.2019.

## Facts

M/s. Aadit Metal Trade Private Limited (Operational Creditor) filed a petition against M/s. Royaloak Steels Private Limited (Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code, 2016. The Operational Creditor claimed that the Corporate Debtor requested the supply of steel products at an agreed price. Between 09.02.2019 and 28.02.2019, the Operational Creditor supplied materials and raised 48 invoices totaling ₹5,34,13,303. The Corporate Debtor made partial payments of ₹1,45,00,000, leaving an outstanding amount of ₹3,89,13,303. The Operational Creditor alleged that the Corporate Debtor avoided payment despite requests and meetings. A notice in Form-3 was issued and received by the Corporate Debtor, who did not respond or dispute the claim. The

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## Issues and analysis

### Issue 1: Whether the Petitioner/Operational Creditor has proved that a default has occurred for which the …

**Ratio:** The legal principle applied is that if the Operational Creditor provides sufficient

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**Reasoning:** The Adjudicating Authority was satisfied that the Petitioner, by placing evidence, proved

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**Interpretation:** This issue involves interpreting Section 9 of the IBC, which requires the

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**Application:** The Adjudicating Authority applied the principle to the facts by considering

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## Parties

- **Judges:** K. Anantha…; BINOD KUMAR…
- **Appellants:** Aadit Metal Trade…
- **Respondents:** Royaloak Steels…

## Timeline

- **2019-02-09 — Invoice Perio…**: Invoices were raised…
- **2019-02-28 — Invoice Per…**: Invoices were raised…

## 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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