# In the matter of Snowblue Trexim Pvt. Ltd. Company Petition (IB) No. 549-KB-2017

> NCLT judgment dated 2017-12-11. Citation: TCN-2017-NCLT-00075. The case involves an application filed by Badjate Stock & Shares Pvt. Ltd., the operational…

- **Court:** NCLT
- **Order date:** 11 Dec 2017
- **Citation:** TCN-2017-NCLT-00075
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/snowblue-trexim-pvt-ltd-company-petition-ib-no-549-kb-2017-0b835c4a

## Summary

### Background

The case involves an application filed by Badjate Stock & Shares Pvt. Ltd., the operational creditor, under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Snowblue Trexim Pvt. Ltd., the corporate debtor. The operational creditor claims that the corporate debtor defaulted in making payments of Rs. 4,72,45,685.13, including interest as of June 2017. The corporate debtor contended that there was a pre-existing dispute and that arbitration proceedings were pending, making the petition not maintainable.

## Facts

Badjate Stock & Shares Pvt. Ltd. (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Snowblue Trexim Pvt. Ltd. (Corporate Debtor). The Operational Creditor claimed a default of Rs. 4,72,45,685.13, including interest as of June 2017. The Operational Creditor provided stock broking and other financial services to the Corporate Debtor. A demand notice was issued on June 15, 2017, and served on June 28, 2017. The Corporate Debtor contended that a pre-existing dispute existed and that arbitration proceedings were pending before the IGRP and NSE. The Corporate Debtor argued that the Operational Creditor violated SEBI guidelines and NSE regulations. The

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## Issues and analysis

### Issue 1: Whether the respondent succeeded in proving the existence of a genuine dispute as alleged in the …

**Ratio:** The existence of a genuine dispute, as defined under Section 5(6) of the I&B Code,

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**Reasoning:** The court found that the respondent failed to provide sufficient evidence to establish a

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**Interpretation:** The term 'dispute' under Section 5(6) of the I&B Code includes a suit or

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**Application:** In this case, the respondent's claim of a dispute was not supported by evidence

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## Parties

- **Judges:** V. P. S…; Jinan…
- **Appellants:** Badjate Stock &…
- **Respondents:** Snowblue Trexim…

## Timeline

- **2017-06-15 — Demand Notice…**: The petitioner issued a demand notice of unpaid operational debt with copies of invoices…
- **2017-06-28 — Demand Notice…**: The demand notice was duly…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 8(1) — Insolvency resolution by operational creditor](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-8)

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