# In the matter of R.R. Polynet Pvt. Ltd. C.P. (I.B) No. 196-9-NCLT-AHM-2017

> NCLT judgment dated 2018-03-05. Citation: TCN-2018-NCLT-01753. The case originates from a petition filed by JJ Plastalloy Private Limited, an operational…

- **Court:** NCLT
- **Order date:** 5 Mar 2018
- **Citation:** TCN-2018-NCLT-01753
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/rr-polynet-pvt-ltd-cp-ib-no-196-9-nclt-ahm-2017-ae936895

## Summary

### Background

The case originates from a petition filed by JJ Plastalloy Private Limited, an operational creditor, under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against R.R. Polynet Private Limited, the corporate debtor. The operational creditor claimed that the corporate debtor defaulted on payments for goods supplied under two invoices raised between September and November 2016. Despite reminders, the corporate debtor failed to repay the outstanding dues. The petition was initially filed with proof of dispatch of notice, which was returned unserved with the postal remark "company is closed". Subsequent notices issued through the Tribunal's registry were also returned with similar remarks.

## Facts

JJ Plastalloy Private Limited (the operational creditor) filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against R.R. Polynet Private Limited (the corporate debtor). The operational creditor claimed that the corporate debtor defaulted on payments for goods supplied, specifically Filler Master Bartch Sivalene AF04P and Filler Master Batch Sivathene AF03R, under two invoices raised between September 22, 2016, and November 2, 2016, amounting to Rs. 2,08,468/-. Despite repeated reminders, the corporate debtor failed to repay the outstanding dues. The operational creditor issued a demand notice dated September 6, 2017, to the corporate debtor in Form 3, enclosing copies of the

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## Issues and analysis

### Issue 1: Whether the application filed by the operational creditor, JJ Plastalloy Private Limited, under …

**Ratio:** Section 9(5)(i) of the Insolvency and Bankruptcy Code, 2016, stipulates that the

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**Reasoning:** The Adjudicating Authority considered the documents filed by the operational creditor,

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

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**Application:** The Adjudicating Authority applied Section 9(5)(i) of the Code to the facts of

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## Parties

- **Judges:** Manorama…
- **Appellants:** JJ Plastalloys…
- **Respondents:** R.R. Polynet Pvt.…
- **Advocates:** Krina R.…; Arjun Ri…; +1 more

## Timeline

- **2016-09-22 — Invoice R…**: Operational creditor raised an…
- **2016-11-02 — Invoice R…**: Operational creditor 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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