# In the matter of Soura Natural Energy Solutions Pvt. Ltd. CP(IBC)-23-KOB-2021

> NCLT judgment dated 2022-01-07. Citation: TCN-2022-NCLT-04503. Raychem-RPG Private Limited, the Operational Creditor, filed an application under Section 9 of…

- **Court:** NCLT
- **Order date:** 7 Jan 2022
- **Citation:** TCN-2022-NCLT-04503
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/soura-natural-energy-solutions-pvt-ltd-cpibc-23-kob-2021-99e3280b

## Summary

### Background

Raychem-RPG Private Limited, the Operational Creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016, against Soura Natural Energy Solutions Pvt. Ltd, the Corporate Debtor, for recovery of defaulted payment of operational debt amounting to Rs. 4,42,72,038.61/-. The debt comprised Rs. 3,25,67,246.45/- on account of sale of goods and Rs. 1,17,04,792.16/- on account of interest. The Operational Creditor claimed that the Corporate Debtor requested them to supply goods as per agreed terms, promising payment within one month of invoice issuance, including interest. The Corporate Debtor defaulted on 11 invoices. The Operational Creditor issued a demand notice on 23.12.2020 under Section 8 of the IBC.

## Facts

Raychem-RPG Private Limited (Operational Creditor) supplied goods to Soura Natural Energy Solutions Pvt. Ltd (Corporate Debtor) based on agreed terms, with payment expected within one month of invoice. The total outstanding amount was Rs. 4,42,72,038.61/-, including Rs. 3,25,67,246.45/- for goods and Rs. 1,17,04,792.16/- for interest. The Corporate Debtor defaulted on 11 invoices. The Operational Creditor issued a demand notice on 23.12.2020. The Corporate Debtor claimed ongoing compromise talks, payments made, and reconciliation needed, citing COVID-19 related delays in payments from government organizations. The Corporate Debtor admitted the debt but failed to pay within the promised three months. The Corporate Debtor did not reply to the demand notice under Section

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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 of the IBC allows an operational creditor to initiate CIRP against a corporate

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**Reasoning:** The NCLT found that the application submitted by the Operational Creditor was complete in

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

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**Application:** The NCLT determined that the application was complete, fulfilling the

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## Parties

- **Judges:** Ashok Kumar…; Shyam Babu…
- **Appellants:** Raychem-RPG…
- **Respondents:** Soura Natural…

## Timeline

- **2020-12-23 — Demand Notice…**: Operational Creditor issued a demand notice to the Corporate Debtor under Section 8 of…
- **2021-04-27 — Application…**: Operational Creditor filed an…

## 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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