# In the matter of S.M.Ramcoal Importers Private Limited IBA-773-2020

> NCLT judgment dated 2021-10-13. Citation: TCN-2021-NCLT-00748. The case involves an application filed by Green Gold Global Resources Private Limited…

- **Court:** NCLT
- **Order date:** 13 Oct 2021
- **Citation:** TCN-2021-NCLT-00748
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/smramcoal-importers-private-limited-iba-773-2020-728a9639

## Summary

### Background

The case involves an application filed by Green Gold Global Resources Private Limited (Operational Creditor) under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against S.M. Ramcoal Importers Private Limited (Corporate Debtor) due to unpaid operational debt. The Operational Creditor supplied Non-Coking Indonesian Coal to the Corporate Debtor based on purchase orders. A settlement agreement was previously executed between the parties, but the Corporate Debtor failed to honor further payments after an initial payment of Rs. 1,00,000. The Operational Creditor issued a demand notice under Section 8 of the IBC, 2016, which the Corporate Debtor failed to comply with. The Operational Creditor then filed

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## Facts

Green Gold Global Resources Private Limited (Operational Creditor) supplied Non-Coking Indonesian Coal to S.M. Ramcoal Importers Private Limited (Corporate Debtor) based on purchase orders. The Operational Creditor raised invoices for a total sum of Rs. 2,03,05,358. As per the Operational Creditor's books, the amount payable by the Corporate Debtor as of 12.09.2018 was Rs. 2,16,60,684. The Operational Creditor sent a demand notice in Form-3 under Section 8 of the IBC, 2016, demanding payment of Rs. 2,16,60,684, which included Rs. 2,04,05,358 for the supply of goods and Rs. 12,55,326 as interest. The Corporate Debtor failed to pay the dues or reply to the demand notice. The Operational Creditor then filed an application before the Tribunal in CP/1477/IB/2018 to initiate

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## Issues and analysis

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

**Ratio:** Section 9(5) of the IBC, 2016, stipulates the conditions for admitting an application for

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**Reasoning:** The court reasoned that the Corporate Debtor had already entered into a Settlement

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**Interpretation:** The interpretation of Section 9(5) of the IBC, 2016, requires the Adjudicating

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**Application:** Based on the facts, the court found that an operational debt existed, the

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## Parties

- **Judges:** R. Sucha…; Anil Ku…
- **Appellants:** Green Gold Global…
- **Respondents:** S.M. Ramcoal…

## Timeline

- **2017-12-08 — Default Com…**: Transaction relating to default…
- **2018-05-08 — Default…**: Transaction relating to default…

## 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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