# In the matter of Shrinidhi Laminates Limited CP (IB) No. 75-9-NCLT-AHM-2017

> NCLT judgment dated 2017-09-04. Citation: TCN-2017-NCLT-00474. Bhagwati Corporation, an operational creditor, filed an application under Section 9 of the…

- **Court:** NCLT
- **Order date:** 4 Sept 2017
- **Citation:** TCN-2017-NCLT-00474
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/shrinidhi-laminates-limited-cp-ib-no-75-9-nclt-ahm-2017-2661c54e

## Summary

### Background

Bhagwati Corporation, an operational creditor, filed an application under Section 9 of the Insolvency & Bankruptcy Code, 2016, against Shrinidhi Laminates Limited, the corporate debtor, to initiate the Corporate Insolvency Resolution Process (CIRP). The application was based on unpaid dues for the supply of Lignite Coal. The respondent is a company registered under the Companies Act, 1956. The applicant claimed that the respondent had placed an oral order for the supply of Lignite Coal, and the applicant had been supplying the same under different debit notes for several years. A running account was maintained, and a sum of Rs. 42,42,466.49 was due as of September 31, 2016, towards the principal amount, along with Rs. 7,00,486 towards interest at 18% per annum

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## Facts

Bhagwati Corporation, an operational creditor, filed an application against Shrinidhi Laminates Limited, the corporate debtor, under Section 9 of the Insolvency & Bankruptcy Code, 2016. The application was based on unpaid dues for the supply of Lignite Coal. The respondent is a company registered under the Companies Act, 1956. The applicant claimed that the respondent had placed an oral order for the supply of Lignite Coal, and the applicant had been supplying the same under different debit notes for several years. A running account was maintained, and a sum of Rs. 42,42,466.49 was due as of September 31, 2016, towards the principal amount, along with Rs. 7,00,486 towards interest at 18% per annum until September 30, 2016. The respondent issued 11 cheques for

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## Issues and analysis

### Issue 1: Whether any dispute has been raised by the Respondent/Corporate Debtor within the meaning of …

**Ratio:** The Hon'ble National Company Law Appellate Tribunal, in Company appeal (AT) (Insolvency)

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**Reasoning:** The Adjudicating Authority considered the disputes raised by the respondent in the reply

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**Interpretation:** The legal issue revolves around whether the disputes raised by the corporate

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**Application:** In this case, the Adjudicating Authority found that the dispute raised by the

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## Parties

- **Judges:** BIKKI RAVEENDRA…
- **Appellants:** BHAGWATI CORPORATI…
- **Respondents:** SHRINIDHI…

## Timeline

- **2016-10-25 — Notice issued by…**: Applicant issued a Notice demanding…
- **2016-12-08 — Legal notice issued by…**: Applicant got issued a legal notice calling upon the Respondent to make payment of the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 5 — Definitions](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-5)

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