# In the matter of Shri Vardhman Rice Mills Private Limited Company Petiiton No. IB-241-ND-2019

> NCLT judgment dated 2019-12-04. Citation: TCN-2019-NCLT-00322. M/s Bhupindra Agro Private Limited, the Applicant/Operational Creditor, filed an application…

- **Court:** NCLT
- **Order date:** 4 Dec 2019
- **Citation:** TCN-2019-NCLT-00322
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/shri-vardhman-rice-mills-private-limited-company-petiiton-no-ib-241-nd-2019-ab003fda

## Summary

### Background

M/s Bhupindra Agro Private Limited, the Applicant/Operational Creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, read with Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s Shri Vardhman Rice Mills Pvt. Ltd., the Respondent/Corporate Debtor. The applicant is engaged in the business of breeding, improving, developing, selling, importing, exporting, preparing, preserving, dealing and trading in all kinds of dairy products and poultry products. The corporate debtor is engaged in the business of export of basmati rice, non-basmati rice & husk. The Corporate Debtor approached the Applicant for procurement of husk

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## Facts

M/s Bhupindra Agro Private Limited (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate CIRP against M/s Shri Vardhman Rice Mills Pvt. Ltd. (Corporate Debtor). The Operational Creditor is in the business of dairy and poultry products, while the Corporate Debtor exports rice and husk. In March 2017, the Corporate Debtor approached the Operational Creditor for husk products. The Operational Creditor supplied husk material and issued eleven invoices between 30.04.2017 and 17.05.2017, totaling Rs.5,01,360/-. The Corporate Debtor failed to make any payments. The Operational Creditor sent a demand notice on 21.09.2018, claiming Rs.6,21,704/- (including interest). The Corporate Debtor accepted the notice but

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## Issues and analysis

### Issue 1: Whether the application under Section 9 of the …

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

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**Reasoning:** The court was satisfied that the applicant had filed an affidavit under Section 9(3)(b)

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**Interpretation:** Section 9 requires the operational creditor to provide evidence of the debt and

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**Application:** The applicant's affidavit and bank statements demonstrated compliance with the

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## Parties

- **Judges:** DEEPTI M…; HEMANT KUMAR…
- **Appellants:** M/S BHUPINDRA…
- **Respondents:** M/S SHRI VARDHMAN…

## Timeline

- **2017-03-01 — Corporate Debtor…**: The Corporate Debtor approached the…
- **2017-04-30 — First Invoice…**: The Operational Creditor…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 8 — Insolvency resolution by operational creditor](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-8)

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