# In the matter of Sri Ramanjaneya Ispat Private Limited CP (IB) No.344-9-HDB-2018

> NCLT judgment dated 2018-12-12. Citation: TCN-2018-NCLT-00103. The case involves a Company Petition filed by Hemang Resources Limited (Operational Creditor)…

- **Court:** NCLT
- **Order date:** 12 Dec 2018
- **Citation:** TCN-2018-NCLT-00103
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/sri-ramanjaneya-ispat-private-limited-cp-ib-no344-9-hdb-2018-a18377e1

## Summary

### Background

The case involves a Company Petition filed by Hemang Resources Limited (Operational Creditor) against Sri Ramanjaneya Ispat Private Limited (Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code, 2016. Hemang Resources Limited, a company registered under the Companies Act, 1956, claimed that Sri Ramanjaneya Ispat Private Limited defaulted on payments for the supply of coal. The petitioner and respondent entered into a High Seas Sale Agreement for the purpose of supply of coal from the petitioner to the Respondent Company. The Petitioner supplied coal to the Respondent and raised invoices for the supply of coal and last default occurred on 08.03.2017.

## Facts

Hemang Resources Limited (Operational Creditor) filed a Company Petition against Sri Ramanjaneya Ispat Private Limited (Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) due to unpaid dues for coal supplied. The petitioner and respondent entered into a High Seas Sale Agreement for the purpose of supply of coal from the petitioner to the Respondent Company. The Petitioner supplied coal to the Respondent and raised invoices for the supply of coal. The last default occurred on 08.03.2017. The total outstanding amount was Rs. 2,35,73,108/-, including principal and interest. The petitioner issued a demand notice on 23.01.2018. The respondent raised objections regarding the

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## Issues and analysis

### Issue 1: Whether the petition filed by the Operational Creditor is maintainable under Section 9 of the …

**Ratio:** Section 9 of the Insolvency and Bankruptcy Code, 2016 allows an operational creditor to

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**Reasoning:** The court found that the petitioner had supplied coal to the respondent, raised invoices,

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**Interpretation:** Section 9 provides a mechanism for operational creditors to recover debts from

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**Application:** The court applied Section 9 to the facts, finding that the petitioner had met

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## Parties

- **Judges:** K. Anantha…
- **Appellants:** Hemang Resources…
- **Respondents:** Ramanjaneya Ispat…; RamanjaneyaIspatPv…

## Timeline

- **2017-03-08 — Last Def…**: Last default occurred on…
- **2018-01-23 — Demand Notice…**: Petitioner issued a demand…

## 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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