# In the matter of Sujana Universal Industries Limited CP (IB) No.186-9-HDB-2019

> NCLT judgment dated 2019-06-20. Citation: TCN-2019-NCLT-02829. The case involves a Company Petition filed by M/s. Minera Steel & Power Private Limited…

- **Court:** NCLT
- **Order date:** 20 Jun 2019
- **Citation:** TCN-2019-NCLT-02829
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/sujana-universal-industries-limited-cp-ib-no186-9-hdb-2019-708efc77

## Summary

### Background

The case involves a Company Petition filed by M/s. Minera Steel & Power Private Limited (Operational Creditor) against M/s. Sujana Universal Industries Limited (Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code, 2016. The Operational Creditor had previously filed an insolvency petition (CP(IB) No:187/9/HDB/2017) against the Corporate Debtor, alleging a default of Rs. 21,90,315. During the pendency of the earlier petition, the Corporate Debtor approached the Operational Creditor and agreed to pay the full amount. A joint memo was filed, and the Corporate Debtor handed over a demand draft and issued three cheques for the remaining amount. The earlier petition was withdrawn with liberty to file a fresh application in case of default. The cheques

…

## Facts

M/s. Minera Steel & Power Private Limited (Operational Creditor) filed a Company Petition against M/s. Sujana Universal Industries Limited (Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code, 2016, due to an operational debt of Rs. 16,90,315. Previously, the Operational Creditor had filed another insolvency petition (CP(IB) No:187/9/HDB/2017) for a default of Rs. 21,90,315. During the pendency of the earlier petition, the Corporate Debtor agreed to pay the full amount, and a joint memo was filed. The Corporate Debtor provided a demand draft for Rs. 5,00,000 and issued three cheques for the remaining amount. The earlier petition was withdrawn with liberty to file a fresh application in case of default. The cheques dated 25.10.2018, 10.12.2018,

…

## Issues and analysis

### Issue 1: Whether the Operational Creditor has proven that a default has occurred for which the Corporate …

**Ratio:** The principle is that if the Operational Creditor provides sufficient evidence to

…

**Reasoning:** The Adjudicating Authority was satisfied that the Petitioner had proved its case by

…

**Interpretation:** The interpretation of the law requires the Adjudicating Authority to assess the

…

**Application:** In this case, the Operational Creditor presented evidence of dishonored cheques

…

## Parties

- **Judges:** K. Anantha…
- **Appellants:** M/s. Minera Steel…
- **Respondents:** Sujana Universal…; M/s.Sujana…

## Timeline

- **2017-01-01 — Previous Insolvency…**: Operational Creditor filed CP(IB) No:187/9/HDB/2017 against Corporate Debtor alleging…
- **2018-09-17 — Joint Memo…**: A joint memo of settlement was filed, and the Corporate Debtor handed over a demand draft…

## 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)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-chandigarh/sujana-universal-industries-limited-cp-ib-no186-9-hdb-2019-708efc77