# In the matter of Signapurkar's Leather House Private Limited C.P. No. 273-I&BP-2018

> NCLT judgment dated 2018-08-01. Citation: TCN-2018-NCLT-01028. Prime Soles, an operational creditor, filed a company petition seeking to initiate the…

- **Court:** NCLT
- **Order date:** 1 Aug 2018
- **Citation:** TCN-2018-NCLT-01028
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/signapurkars-leather-house-private-limited-cp-no-273-ibp-2018-9a65e0e8

## Summary

### Background

Prime Soles, an operational creditor, filed a company petition seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against Signapurkar's Leather House Private Limited, the corporate debtor, alleging default in payment of Rs. 75,54,594/-. The petitioner claimed to have supplied PU soles to the corporate debtor from 2012 onwards, with the outstanding balance as of 05.08.2017. The corporate debtor denied the liability, claiming that Gulshan International Private Limited supplied the goods through the petitioner, and payments were made to Gulshan. The petitioner argued that no written consent was given for payments to a third party. The corporate debtor also alleged that the operational creditor created fictitious invoices and forged ledger entries, and

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## Facts

Prime Soles (Petitioner) claimed that Signapurkar's Leather House Private Limited (Corporate Debtor) defaulted on payments amounting to Rs. 75,54,594/- for PU soles supplied since 2012. The Petitioner sent a demand notice dated 08.01.2018 under Section 8 of the IBC. The Corporate Debtor denied liability, stating that Gulshan International supplied the goods through the Petitioner, and payments were made to Gulshan. The Petitioner argued that no written consent was given for payments to Gulshan. The Corporate Debtor issued three dishonored cheques in 2017. The Corporate Debtor claimed the Operational Creditor created fictitious invoices and forged ledger entries and filed a police complaint. The Corporate Debtor acknowledged the debt in its statement of accounts and

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor committed a …

**Ratio:** The acknowledgement of liability by the Corporate Debtor through the statement of

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**Reasoning:** The NCLT considered the evidence presented by the Operational Creditor, including

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**Interpretation:** The court interpreted the Corporate Debtor's actions of acknowledging the debt

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**Application:** The court applied the ratio to the facts of the case, concluding that the

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## Parties

- **Judges:** Bhaskara Pantula…; V. Nallasen…
- **Appellants:** Prime S…
- **Respondents:** Signapurkar's…

## Timeline

- **2012-01-01 — Supply of P…**: Petitioner started supplying PU…
- **2017-08-05 — Outstanding…**: Outstanding balance of ₹75,54,594/-…

## 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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