# In the matter of SSB Structural & Galvanising Private Limited CP(IB) No. 720-9-HDB-2019

> NCLT judgment dated 2021-07-28. Citation: TCN-2021-NCLT-01570. The case involves an application filed by Bharat Industrial Corporation, the Operational…

- **Court:** NCLT
- **Order date:** 28 Jul 2021
- **Citation:** TCN-2021-NCLT-01570
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/ssb-structural-galvanising-private-limited-cpib-no-720-9-hdb-2019-64e4b162

## Summary

### Background

The case involves an application filed by Bharat Industrial Corporation, the Operational Creditor, against SSB Structural & Galvanising Private Limited, the Corporate Debtor, under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016. The Operational Creditor claims that the Corporate Debtor defaulted on a payment of Rs. 3,31,17,194, which includes a principal amount of Rs. 3,13,69,118 and interest of Rs. 17,48,076 calculated at 18% per annum from the due date of March 17, 2019. The Corporate Debtor supplied Zinc Ingots to the Corporate Debtor during the period from 22.01.2018 to 28.12.2018. The Corporate Debtor acknowledged the debt through various balance confirmation letters.

## Facts

Bharat Industrial Corporation (Operational Creditor) filed a petition against SSB Structural & Galvanising Private Limited (Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code, 2016, claiming a default of Rs. 3,31,17,194. This amount includes a principal of Rs. 3,13,69,118 and interest of Rs. 17,48,076 calculated at 18% p.a. from March 17, 2019. The Operational Creditor supplied Zinc Ingots to the Corporate Debtor from January 22, 2018, to December 28, 2018. The Corporate Debtor acknowledged the debt through balance confirmation letters. The Operational Creditor issued a demand notice on July 8, 2019, which the Corporate Debtor received on July 15, 2019, but did not reply within the statutory 10-day period. The Corporate Debtor argued that the

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## Issues and analysis

### Issue 1: Whether the application 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 considered the arguments and evidence presented by both parties, including the

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

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**Application:** The court applied the provisions of Section 9 to the facts of the case and

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## Parties

- **Judges:** Madan B.…; Dr.Binod Kumar…
- **Appellants:** Bharat Industrial…
- **Respondents:** SSB Structural &…

## Timeline

- **2018-01-22 — Supply of Zin…**: Operational Creditor supplied Zinc Ingots to the Corporate Debtor during the period from…
- **2018-12-28 — End of Supply…**: Operational Creditor supplied Zinc Ingots to the Corporate Debtor during the period from…

## 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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