# In the matter of Sonachi Industries Ltd. C.P. No. 1479-I&BC-2017

> NCLT judgment dated 2018-05-02. Citation: TCN-2018-NCLT-01468. Biostadt India Ltd. filed a Company Petition seeking to initiate the Corporate Insolvency…

- **Court:** NCLT
- **Order date:** 2 May 2018
- **Citation:** TCN-2018-NCLT-01468
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/sonachi-industries-ltd-cp-no-1479-ibc-2017-11cbee9a

## Summary

### Background

Biostadt India Ltd. filed a Company Petition seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against Sonachi Industries Ltd., alleging default in payment of ₹1,14,41,776.61. The default pertains to invoices raised on 25.8.2015, 13.10.2015, and 14.10.2015. The Operational Creditor issued legal notices and a demand notice under the Insolvency & Bankruptcy Code, 2016, calling upon the Corporate Debtor to make the outstanding payment with interest.

## Facts

Biostadt India Ltd. (Operational Creditor) filed a petition against Sonachi Industries Ltd. (Corporate Debtor) under Section 9 of the IBC, 2016, claiming a default of ₹1,14,41,776.61. The default arose from three invoices dated 25.8.2015, 13.10.2015, and 14.10.2015. The invoices were raised for goods supplied by the Operational Creditor. Despite a 90-day credit period, no payments were made. The Operational Creditor issued legal notices on 22.6.2016 and 19.9.2016, followed by a demand notice on 6.6.2017. Email correspondence indicated the Corporate Debtor's promise to release payments, but the dues remained outstanding. The Operational Creditor submitted a bank certificate and an affidavit confirming the absence of any dispute notice from the Corporate Debtor. The

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## Issues and analysis

### Issue 1: Whether the application filed by the Operational Creditor is in compliance with the provisions of …

**Ratio:** The Insolvency and Bankruptcy Code, 2016, Sections 8 and 9, outlines the procedure for

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**Reasoning:** The court examined the application and supporting documents, including invoices, legal

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**Interpretation:** Sections 8 and 9 of the IBC are interpreted to ensure that operational

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**Application:** In this case, the Operational Creditor provided sufficient evidence of the debt

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## Parties

- **Judges:** B.S.V. Prakash…; V. Nallasen…
- **Appellants:** BIOSTADT INDIA…
- **Respondents:** Sonachi Industries…; SONACHI INDUSTRIES…

## Timeline

- **2015-05-27 — Invoice R…**: Invoice raised by the…
- **2015-07-15 — Invoice R…**: Invoice raised by 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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