# in the matter of Sainath Texport Ltd. CP (IB) No. 56-Chd-Hry-2018

> NCLT judgment dated 2018-04-16. Citation: TCN-2018-NCLT-01541. M/s PAN Chemicals Inc., an operational creditor, filed a petition under Section 9 of the…

- **Court:** NCLT
- **Order date:** 16 Apr 2018
- **Citation:** TCN-2018-NCLT-01541
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/sainath-texport-ltd-cp-ib-no-56-chd-hry-2018-ef08adea

## Summary

### Background

M/s PAN Chemicals Inc., an operational creditor, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, against M/s Sainath Texport Ltd., the respondent-corporate debtor, for initiating the insolvency resolution process. The operational creditor claimed an outstanding amount of ₹6,71,816.93 for supplying goods to the corporate debtor. The corporate debtor was incorporated on 26.03.2010 under the Companies Act, 1956. The petitioner had previously filed a similar petition which was withdrawn with liberty to file a fresh one.

## Facts

M/s PAN Chemicals Inc., acting as an operational creditor through its proprietor Ramji Lal, initiated insolvency proceedings against M/s Sainath Texport Ltd., the corporate debtor, under Section 9 of the Insolvency and Bankruptcy Code, 2016. The claim was for ₹6,71,816.93, representing the unpaid amount for goods supplied by the operational creditor to the corporate debtor. The transactions occurred between 02.03.2011 and 19.08.2013. The corporate debtor was incorporated on 26.03.2010. The operational creditor sent a demand notice dated 08.12.2017, which was delivered to the corporate debtor on 13.12.2017. The corporate debtor acknowledged the outstanding debt in writing on 16.03.2015, confirmed on 21.03.2015. The operational creditor filed a previous petition which

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## Issues and analysis

### Issue 1: Whether the application filed by the operational creditor is complete and meets the requirements of …

**Ratio:** Section 9(5) of the Insolvency and Bankruptcy Code, 2016, outlines the conditions for

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**Reasoning:** The court noted that the operational creditor had initially filed an incomplete

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**Interpretation:** Section 9(5) requires the Adjudicating Authority to ensure that all procedural

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**Application:** In this case, the court found that the operational creditor had initially filed

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## Parties

- **Judges:** R.P.Nag…; Pradeep R.…
- **Appellants:** M/s PAN Chemicals…
- **Respondents:** M/s Sainath…
- **Advocates:** Atul V.…; Rajiv G…

## Timeline

- **2010-03-26 — Incorporation of…**: M/s Sainath Texport Ltd. was…
- **2011-03-02 — Start of Tran…**: Transactions between the operational…

## 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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