# 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-02792. 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-02792
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/sai-krishna-cores-private-limited-cp-ib-no-255-9-hdb-2018-f813ccab

## 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, raised invoices, and sent reminders for payment, finally issuing a demand notice. The Corporate Debtor contended a pre-existing dispute and that the material was supplied for trial runs.

## Facts

Anax Industries Private Limited (Operational Creditor) claimed that Sai Krishna Cores Private Limited (Corporate Debtor) defaulted on payments amounting to Rs. 8,94,497 for supplied adhesives and core board. Invoices were raised for the supplies, including Invoice No. 000805 dated 17.06.2016 for Rs. 43,576 and Invoice No. 000809 dated 17.06.2016 for Rs. 8,08,921. 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. The Corporate Debtor argued that the supplies were for trial runs and a joint venture agreement was proposed but not finalized. The Corporate Debtor admitted to receiving the material and making

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor committed a default in …

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

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**Reasoning:** The court considered the invoices raised by the Operational Creditor and the Corporate

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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 failure to pay the amount due under the invoices,

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## Parties

- **Judges:** Ratakonda…; Ratakonda…
- **Appellants:** Anax Industries…
- **Respondents:** 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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