# in the matter of Say India Jewellers Pvt. Ltd. CP No. 600-MAH-2017

> NCLT judgment dated 2017-08-01. Citation: TCN-2017-NCLT-00673. The case involves an application filed by D. Chhaganlal & Co., an operational creditor, against…

- **Court:** NCLT
- **Order date:** 1 Aug 2017
- **Citation:** TCN-2017-NCLT-00673
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/say-india-jewellers-pvt-ltd-cp-no-600-mah-2017-13af4e63

## Summary

### Background

The case involves an application filed by D. Chhaganlal & Co., an operational creditor, against Say India Jewellers Pvt Ltd., the corporate debtor, under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016. The operational creditor had initially filed a winding-up petition against the corporate debtor in the High Court of Bombay, which was later transferred to the National Company Law Tribunal (NCLT) for adjudication under the IBC. The operational creditor claimed that the corporate debtor defaulted in making the repayment of Rs. 67,39,287/- along with interest at 18% per annum, which was due on 17.06.2015.

## Facts

D. Chhaganlal & Co., an operational creditor, filed an application against Say India Jewellers Pvt Ltd., the corporate debtor, under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016. The operational creditor had previously filed a winding-up petition in the High Court of Bombay, which was transferred to the NCLT. The corporate debtor defaulted on a payment of Rs. 67,39,287/- along with 18% interest, due on 17.06.2015. The debt arose from the purchase of diamonds between 08.06.2012 and 19.12.2012. The operational creditor issued a winding-up notice on 17.06.2015. The operational creditor filed Form 5 on 10-04-2017, stating the default. A bank certificate dated 14.06.2017, issued by Bank of Baroda, confirmed the default. The corporate debtor failed to

…

## Issues and analysis

### Issue 1: Whether the application filed by the operational creditor is in compliance with the provisions of …

**Ratio:** Section 9 of the Insolvency and Bankruptcy Code, 2016, outlines the requirements for an

…

**Reasoning:** The NCLT examined the application filed by the operational creditor and found it to be in

…

**Interpretation:** Section 9 of the IBC is interpreted to provide a mechanism for operational

…

**Application:** In this case, the operational creditor, D. Chhaganlal & Co., demonstrated

…

## Parties

- **Judges:** B.S.V. Prakash…; V. Nallasen…
- **Appellants:** D. CHHAGANLAL &…
- **Respondents:** SAY INDIA…

## Timeline

- **2012-06-08 — Invoices…**: Invoices for diamonds purchased by the Corporate Debtor were raised from 08.06.2012 to…
- **2012-12-19 — Invoices…**: Invoices for diamonds purchased by the Corporate Debtor were raised from 08.06.2012 to…

## Legal provisions

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

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-chandigarh/say-india-jewellers-pvt-ltd-cp-no-600-mah-2017-13af4e63