# In the matter of S V K Shipping Services Pvt Ltd CP (IB) No. 202-9-AMR-2019

> NCLT judgment dated 2020-09-01. Citation: TCN-2020-NCLT-00744. This case involves a Company Petition filed by Tricon Energy (India) Private Limited…

- **Court:** NCLT
- **Order date:** 1 Sept 2020
- **Citation:** TCN-2020-NCLT-00744
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/s-v-k-shipping-services-pvt-ltd-cp-ib-no-202-9-amr-2019-9cc2a93c

## Summary

### Background

This case involves a Company Petition filed by Tricon Energy (India) Private Limited (Operational Creditor) against SVK Shipping Services Private Limited (Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code, 2016. The Operational Creditor claimed that the Corporate Debtor defaulted on a payment for the supply of Petcoke, leading to the initiation of the Corporate Insolvency Resolution Process (CIRP).

## Facts

Tricon Energy (India) Private Limited (Operational Creditor) filed a Company Petition against SVK Shipping Services Private Limited (Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code, 2016. The Operational Creditor and Corporate Debtor entered into a contract on 2017-03-27 for the supply of Petcoke. The Operational Creditor supplied the goods and raised invoices, with a condition of 18% interest p.a. on delayed payments. The debt fell due on 2017-03-31, with a principal amount of ₹21,976,782 and an interest cost of ₹8,096,807, totaling ₹30,686,375. The Operational Creditor issued a demand notice on 2018-10-04. The Corporate Debtor acknowledged the debt via email on 2017-04-13. The Corporate Debtor failed to file a counter despite being granted

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## Issues and analysis

### Issue 1: Whether the Operational Creditor has proved the existence of an operational debt and default by the …

**Ratio:** The Insolvency and Bankruptcy Code, 2016, Section 9, allows an operational creditor to

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**Reasoning:** The Adjudicating Authority reviewed the contract, invoices, and email acknowledgment of

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**Interpretation:** The court interpreted Section 9 of the IBC to mean that if an operational

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**Application:** The Operational Creditor provided sufficient evidence, including a contract,

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## Parties

- **Judges:** Bhaskara Pantula…
- **Appellants:** Tricon Energy…
- **Respondents:** SVK Shipping…

## Timeline

- **2017-03-27 — Contract…**: Contract executed between Tricon Energy (India) Private Limited and SVK Shipping Services…
- **2017-03-31 — Debt Due…**: The debt fell due on this date, with a…

## 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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