# In the matter of Shri Saikrupa Sugar & Allied Industries Limited C.P. (IB) - 2390-MB-2019

> NCLT judgment dated 2021-08-03. Citation: TCN-2021-NCLT-01510. ASK Energy Solutions Private Limited filed a petition under Section 9 of the Insolvency &…

- **Court:** NCLT
- **Order date:** 3 Aug 2021
- **Citation:** TCN-2021-NCLT-01510
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/shri-saikrupa-sugar-allied-industries-limited-cp-ib-2390-mb-2019-71581ec6

## Summary

### Background

ASK Energy Solutions Private Limited filed a petition under Section 9 of the Insolvency & Bankruptcy Code, 2016, seeking the Corporate Insolvency Resolution Process (CIRP) against Shri Saikrupa Sugar & Allied Industries Limited, the Corporate Debtor. The petition was based on the Corporate Debtor's alleged default in payment of Rs. 1,03,28,901/-. The Petitioner provided commissioning support, operation, maintenance, and management services to the Corporate Debtor, a public limited company engaged in the sugar and allied services business. An Operation and Maintenance Agreement was executed between the parties on 20.03.2018. The Corporate Debtor failed to pay the O & M fees as agreed upon in the agreement, despite receiving services and invoices from the Petitioner.

## Facts

ASK Energy Solutions Private Limited ('Petitioner') sought Corporate Insolvency Resolution Process (CIRP) against Shri Saikrupa Sugar & Allied Industries Limited ('Corporate Debtor') due to a default of Rs. 1,03,28,901/-. The Petitioner provided commissioning support, operation, maintenance, and management services in power projects, while the Corporate Debtor is a public limited company involved in sugar and allied services. An Operation and Maintenance Agreement was executed on 20.03.2018. The agreement stipulated monthly O & M fees payable by the Corporate Debtor to the Petitioner, with a credit period of seven business days from invoice receipt. The Corporate Debtor failed to pay the fees as agreed. The Petitioner raised invoices totaling Rs. 1,63,28,901/-,

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor defaulted in paying its dues to the Petitioner, warranting the …

**Ratio:** The legal principle applied is that if a corporate debtor defaults in paying its dues to

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**Reasoning:** The court reasoned that the Petitioner provided sufficient evidence, including the

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**Interpretation:** The interpretation of the law is that a clear debt and default must be

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**Application:** In this case, the Petitioner provided evidence of the agreement, invoices, and

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## Parties

- **Judges:** SUCHITRAKAN…; Chandra Bha…
- **Appellants:** ASK Energy…
- **Respondents:** Saikrupa Sugar &…

## Timeline

- **2018-03-20 — Agreement Ex…**: Operation and Maintenance Agreement executed between ASK Energy Solutions Private Limited…
- **2018-06-01 — First In…**: First invoice raised by ASK Energy…

## 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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