# In the matter of Rukmani Infra Projects Pvt. Ltd. Company Petition (IB) No. 336+KB-2018

> NCLT judgment dated 2018-05-10. Citation: TCN-2018-NCLT-01431. Nile Traders, an operational creditor, filed an application under Section 9 of the Insolvency…

- **Court:** NCLT
- **Order date:** 10 May 2018
- **Citation:** TCN-2018-NCLT-01431
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/rukmani-infra-projects-pvt-ltd-company-petition-ib-no-336kb-2018-ab463baa

## Summary

### Background

Nile Traders, an operational creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Rukmani Infra Projects Pvt. Ltd., the corporate debtor, for initiating the Corporate Insolvency Resolution Process (CIRP) due to unpaid operational debt. Nile Traders claimed that Rukmani Infra Projects failed to pay Rs. 1,11,59,511/- which included the principal amount of Rs. 55,89,930/- and interest of Rs. 55,69,582/- calculated at 24% per annum up to December 31, 2017. The operational creditor contended that despite supplying goods and raising invoices, the corporate debtor failed to make payments despite repeated reminders. The corporate debtor acknowledged the principal amount but disputed the interest component.

## Facts

Nile Traders, an operational creditor, supplied industrial goods to Rukmani Infra Projects Pvt. Ltd., a corporate debtor. The corporate debtor placed several orders with Nile Traders over time. Purchase orders were communicated telephonically. Nile Traders delivered goods to Rukmani Infra Projects as per their requirements. The goods were received and accepted by the corporate debtor. Despite the delivery of goods, Rukmani Infra Projects did not make any payments to Nile Traders. As of December 31, 2017, the corporate debtor owed Rs. 55,89,930/- as the principal amount and Rs. 55,69,582/- as interest at 24% per annum, totaling Rs. 1,11,59,511/-. Nile Traders issued a demand notice to Rukmani Infra Projects, but the corporate debtor failed to discharge the debt. The

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## Issues and analysis

### Issue 1: Whether the application filed by the operational creditor, Nile Traders, under Section 9 of the …

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

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**Reasoning:** The Adjudicating Authority found that the operational creditor, Nile Traders, had

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**Interpretation:** Section 9(5) of the IBC outlines the mandatory requirements for an operational

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**Application:** In this case, Nile Traders fulfilled all the requirements under Section 9(5) of

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## Parties

- **Judges:** Jinan…; Madan B.…
- **Appellants:** Nile Tr…
- **Respondents:** RUKMANI INFRA…

## Timeline

- **2008-08-13 — Incorporation of…**: Rukmani Infra Projects Pvt. Ltd. was…
- **2017-12-31 — Outstandin…**: The Corporate Debtor has incurred a debt of Rs.55,89,930/- and interest thereon of…

## 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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