# 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-01427. 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-01427
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/rukmani-infra-projects-pvt-ltd-company-petition-ib-no-336kb-2018-d63516b1

## 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., the corporate debtor. The corporate debtor placed several orders with the operational creditor. The goods were delivered as per the requirements of the corporate debtor, and the details were described in the tax invoices. The goods were received and accepted by the corporate debtor. Despite the delivery of goods, the corporate debtor failed to make payments. 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/-. The operational creditor issued a demand notice to the corporate debtor, claiming the outstanding amount. The corporate debtor acknowledged the

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## Issues and analysis

### Issue 1: Whether the application filed by the operational creditor under Section 9 of the Insolvency and …

**Ratio:** Section 9(5)(i) of the I&B Code, 2016, specifies the ingredients that must be

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**Reasoning:** The Adjudicating Authority found that the operational creditor had furnished all the

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**Interpretation:** Section 9 of the IBC outlines the procedure for an operational creditor to

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**Application:** In this case, the operational creditor, Nile Traders, provided all the required

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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 had an outstanding debt of Rs. 1,11,59,511/- as on 31.12.2017,…

## 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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