# In the matter of Sai Krishna Cores Private Limited CP (IB) No. 255-9-HDB-2018

> NCLT judgment dated 2019-06-25. Citation: TCN-2019-NCLT-02797. Anax Industries Private Limited filed a petition against Sai Krishna Cores Private Limited, the…

- **Court:** NCLT
- **Order date:** 25 Jun 2019
- **Citation:** TCN-2019-NCLT-02797
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/sai-krishna-cores-private-limited-cp-ib-no-255-9-hdb-2018-e53fff52

## Summary

### Background

Anax Industries Private Limited filed a petition against Sai Krishna Cores Private Limited, the Corporate Debtor, under Section 9 of the Insolvency and Bankruptcy Code, 2016, alleging a default of Rs. 8,94,497. The petition sought admission, initiation of Corporate Insolvency Resolution Process (CIRP), moratorium, and appointment of an Interim Resolution Professional (IRP). The Operational Creditor claimed to have supplied adhesives and core board to the Corporate Debtor, raising invoices for the same. The Corporate Debtor contended a pre-existing dispute and claimed the supply was for trial purposes under a proposed joint venture.

## Facts

Anax Industries Private Limited (Operational Creditor) filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Sai Krishna Cores Private Limited (Corporate Debtor) for defaulting on a payment of Rs. 8,94,497. The Operational Creditor claimed to have supplied adhesives and core board to the Corporate Debtor, raising invoices for the same. Specifically, Invoice no. 000805, dated 17.06.2016, for value of Rs. 43,576/- for domestic adhesives, and Invoice No: 000809, dated 17.06.2016 for value of Rs. 8,08,921/- for core board. The Operational Creditor also paid freight charges of Rs. 42,000/-. The Corporate Debtor issued Way Bill No. 36160618310063, dated 18-06-2016. The Operational Creditor sent reminders and a demand notice dated 25.10.2014.

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor committed a default in respect of the amount due under the invoices …

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

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**Reasoning:** The court considered the Operational Creditor's claim of unpaid invoices and the

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**Interpretation:** The court interpreted Section 9 of IBC to mean that if a corporate debtor fails

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**Application:** The Corporate Debtor's admission of receiving materials and paying freight

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## Parties

- **Judges:** Ratakonda…; Ratakonda…
- **Appellants:** Anax Industries…
- **Respondents:** Sai Krishna Cores…; Sai Krishna Cores…

## Timeline

- **2016-06-17 — Invoice…**: Operational Creditor raised invoices for…
- **2016-06-18 — Way Bill…**: Corporate Debtor issued Way…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 14 — Moratorium](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-14)

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