# In the matter of Shriram EPC Ltd. CP (IB) No. 537-CB-2017

> NCLT judgment dated 2017-08-10. Citation: TCN-2017-NCLT-00643. The case involves an application filed by Rio Glass Solar SA (Operational Creditor) under…

- **Court:** NCLT
- **Order date:** 10 Aug 2017
- **Citation:** TCN-2017-NCLT-00643
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/shriram-epc-ltd-cp-ib-no-537-cb-2017-58ef687f

## Summary

### Background

The case involves an application filed by Rio Glass Solar SA (Operational Creditor) under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Shriram EPC Limited (Corporate Debtor) due to default in payment of outstanding debt. The debt pertains to 41,850 parabolic mirrors not collected after manufacturing, leading to an arbitral award in favor of the Operational Creditor on 12.02.2015. The Corporate Debtor challenged the award in the High Court of Madras, which was dismissed. The Operational Creditor also filed a petition under Section 47 of the Arbitration and Conciliation Act, 1956, to enforce the foreign award.

## Facts

Rio Glass Solar SA (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Shriram EPC Limited (Corporate Debtor). The claim arises from unpaid debt related to 41,850 parabolic mirrors. The Operational Creditor obtained an arbitral award on 12.02.2015. The Corporate Debtor challenged the award in OP No. 625/2015 before the High Court of Madras, which dismissed the petition on 27.09.2016. The High Court of Madras vide Order dated 09.02.2017 passed in OP No. 587/2015 has allowed the prayer of the Operational Creditor making the Award dated 12.02.2015 as decree of the court. The Operational Creditor issued a demand notice under Section 8 of the I&B Code,

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## Issues and analysis

### Issue 1: Whether the application filed by the Operational Creditor is maintainable under Section 9 of the …

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

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**Reasoning:** The court considered the arguments presented by both parties and examined the relevant

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**Interpretation:** Section 9 provides the mechanism for operational creditors to recover

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**Application:** The court applied Section 9 to the facts of the case, finding that the

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## Parties

- **Judges:** Ch. Mohd Sharief…; S. VIJAYARA…
- **Appellants:** RIO GLASS S…
- **Respondents:** Shriram EPC…; Shriram EP…

## Timeline

- **2015-02-12 — Arbitral…**: Arbitral Tribunal awarded in…
- **2016-09-27 — High Court…**: High Court of Madras dismissed the…

## 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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