# In the matter of Shree Sachidanand Industries Pvt. Ltd. CP (IB) No. 463-9-NCLT-AHM-2018

> NCLT judgment dated 2019-11-25. Citation: TCN-2019-NCLT-00467. The case involves an application filed under Section 9 of the Insolvency and Bankruptcy Code,…

- **Court:** NCLT
- **Order date:** 25 Nov 2019
- **Citation:** TCN-2019-NCLT-00467
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/shree-sachidanand-industries-pvt-ltd-cp-ib-no-463-9-nclt-ahm-2018-a2ee1057

## Summary

### Background

The case involves an application filed under Section 9 of the Insolvency and Bankruptcy Code, 2016, by Prabhakar Processors Pvt. Ltd. (Operational Creditor/Petitioner) against Shree Sachidanand Industries Pvt. Ltd. (Corporate Debtor/Respondent) for the commencement of the Corporate Insolvency Resolution Process (CIRP). The Operational Creditor claimed that it had performed 'job work' for the Corporate Debtor, raising invoices for Rs. 26,76,211, which remained unpaid. The Corporate Debtor had deducted TDS on the amount due, but the payment was not made.

## Facts

Prabhakar Processors Pvt. Ltd. (Operational Creditor) filed an IB petition against Shree Sachidanand Industries Pvt. Ltd. (Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code, 2016. The Operational Creditor claimed that it had performed 'job work' for the Corporate Debtor, raising invoices for a total amount of Rs. 26,76,211. The Corporate Debtor had deducted TDS amounting to Rs. 46,349 from the amount due to the Operational Creditor, as reflected in Form 26-AS. However, the Corporate Debtor failed to make the payment of the remaining amount. The Corporate Debtor argued that the IB petition was filed beyond intimation and that there was a dispute regarding payment of the invoices. The cheque issued by the Corporate Debtor was dishonored. The

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## Issues and analysis

### Issue 1: Whether the present IB petition is complete and well …

**Ratio:** The Adjudicating Authority must admit the petition if it finds that the present IB

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**Reasoning:** The Adjudicating Authority found that the IB petition was filed on 17th September 2018,

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**Interpretation:** The Insolvency and Bankruptcy Code, 2016, provides a framework for the

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**Application:** The Adjudicating Authority applied the ratio to the facts of the case and found

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## Parties

- **Judges:** Harihar Prakash…
- **Appellants:** Prabhakar…
- **Respondents:** Shree Sachidanand…

## Timeline

- **2018-09-17 — IB Petition…**: The Operational Creditor…
- **2019-11-25 — Order Dictated and…**: The Adjudicating Authority dictated and…

## 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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