# In the matter of Seiris Flex India Private Limited CP (IB) No. 01-9-HDB-2019

> NCLT judgment dated 2019-06-04. Citation: TCN-2019-NCLT-03078. The case involves a petition filed by M/s. Harshdeep Industries (I) Private Limited…

- **Court:** NCLT
- **Order date:** 4 Jun 2019
- **Citation:** TCN-2019-NCLT-03078
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/seiris-flex-india-private-limited-cp-ib-no-01-9-hdb-2019-9b5c5641

## Summary

### Background

The case involves a petition filed by M/s. Harshdeep Industries (I) Private Limited (Operational Creditor) against M/s. Seiris Flex India Private Limited (Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016. The Operational Creditor claims that the Corporate Debtor defaulted in paying an outstanding amount of Rs. 5,65,254/- for invoices. The Operational Creditor seeks admission of the petition, initiation of the Corporate Insolvency Resolution Process (CIRP), granting of a moratorium, and appointment of an Interim Resolution Professional (IRP).

## Facts

M/s. Harshdeep Industries (I) Private Limited, the Operational Creditor, filed a petition against M/s. Seiris Flex India Private Limited, the Corporate Debtor, for defaulting on payments of Rs. 5,65,254/-. The Operational Creditor raised invoices from time to time, and the Corporate Debtor failed to pay the outstanding amount for invoices dated 21.10.2015 and 27.12.2015, amounting to Rs. 3,89,313/-. The Corporate Debtor made a part payment of Rs. 2,99,287/- against the invoice dated 21.10.2015. As of the date of the petition, the Corporate Debtor was liable to pay Rs. 5,65,254/-, including interest at 18% per annum. The Operational Creditor issued a statutory demand notice in Form 3 along with Form 4 dated 28.05.2018, as required under Section 8 of the Insolvency and

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## Issues and analysis

### Issue 1: Whether the Operational Creditor has …

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

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**Reasoning:** The court found that the Corporate Debtor failed to pay the outstanding amount of Rs.

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**Interpretation:** Section 9 of the IBC allows an operational creditor to initiate CIRP if a

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**Application:** The Corporate Debtor's failure to pay the outstanding amount of Rs. 5,65,254/-

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## Parties

- **Judges:** Ratakonda…
- **Appellants:** Harsha Deep…
- **Respondents:** Seiris Flex India…; Series Flex India…

## Timeline

- **2015-10-21 — Invoice…**: One of the invoices for which payment…
- **2015-12-27 — Invoice…**: Another invoice for which payment…

## 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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