# In the matter of S.P.Y. Agro Industries Ltd. IA No. 203-2020 in C{(IB) No. 668-9-HDB-2019

> NCLT judgment dated 2021-07-15. Citation: TCN-2021-NCLT-01714. The case involves a petition filed by P.Laxman Kumar & Company (Operational Creditor) against…

- **Court:** NCLT
- **Order date:** 15 Jul 2021
- **Citation:** TCN-2021-NCLT-01714
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/spy-agro-industries-ltd-ia-no-203-2020-in-cib-no-668-9-hdb-2019-6e3ca294

## Summary

### Background

The case involves a petition filed by P.Laxman Kumar & Company (Operational Creditor) against S.P.Y. Agro Industries Limited (Corporate Debtor) under Section 9 of the Insolvency & Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) due to a default of Rs. 51,36,288 as of July 20, 2019. The operational creditor claimed to have supplied maize to the corporate debtor, raising invoices from 2016 to 2018, with a part payment made by the corporate debtor. The corporate debtor disputed the claim, citing non-receipt of invoices, adjustments for cement supply, and discrepancies in weight of goods. The Adjudicating Authority considered the arguments and evidence presented by both parties.

## Facts

P. Laxman Kumar & Company (Operational Creditor) claimed that S.P.Y. Agro Industries Limited (Corporate Debtor) defaulted on a payment of Rs. 51,36,288 as of July 20, 2019. This debt arose from the supply of maize by the Operational Creditor to the Corporate Debtor between 2016 and 2018, for which invoices totaling Rs. 63,15,178 were raised. The Corporate Debtor made a partial payment of Rs. 22,01,370 by March 19, 2018, and another payment of Rs. 1,75,000 in 2019. The Operational Creditor issued a demand notice under Section 8 of the IBC on August 26, 2019, which was received by the Corporate Debtor on August 27, 2019. The Corporate Debtor replied to the demand notice on September 14, 2019, disputing the claim. The Corporate Debtor claimed non-receipt of certain

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## Issues and analysis

### Issue 1: Whether there is an 'Operational …

**Ratio:** The I&B Code defines 'Operational Debt' and sets a threshold of Rs. 1 Lakh for

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**Reasoning:** The court examined the documents and arguments presented by both parties to determine if

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**Interpretation:** The court interpreted the definition of 'Operational Debt' under the I&B

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**Application:** The court found that while the operational creditor claimed a debt exceeding

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## Parties

- **Judges:** Madan B.…; BINOD KUMAR…
- **Appellants:** P.Laxman Kumar &…
- **Respondents:** S.P.Y. Agro…; S.P.Y. AGRO…

## Timeline

- **2016-01-01 — Supply of…**: Operational Creditor supplied maize to…
- **2018-03-19 — Partial P…**: Corporate Debtor made a partial payment of…

## 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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