# In the matter of Surana Power Limited CP-646-(IB)-CB-2017

> NCLT judgment dated 2018-02-19. Citation: TCN-2018-NCLT-01802. The case involves a Company Petition filed by Gimpex Private Limited (Operational Creditor)…

- **Court:** NCLT
- **Order date:** 19 Feb 2018
- **Citation:** TCN-2018-NCLT-01802
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/surana-power-limited-cp-646-ib-cb-2017-9c7b7854

## Summary

### Background

The case involves a Company Petition filed by Gimpex Private Limited (Operational Creditor) against Surana Power Limited (Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code, 2016. The Operational Creditor claimed unpaid debt for the supply of Indonesian coal. The Corporate Debtor had made partial payments, but a significant amount remained outstanding. The Operational Creditor issued a demand notice, which was not replied to or acted upon by the Corporate Debtor, leading to the filing of the petition.

## Facts

Gimpex Private Limited (Operational Creditor) filed a petition against Surana Power Limited (Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of CIRP due to unpaid operational debt. The Operational Creditor had supplied 30,000 Mts of Indonesian coal to Surana Corporation Limited under a High Sea Sale Agreement dated 2013-10-25, for a total price of Rs. 9,10,34,835. Subsequently, Surana Corporation Limited transferred its liability to Surana Power Limited via a board resolution dated 2014-07-30. The Corporate Debtor made partial payments totaling Rs. 3,14,87,400. A demand notice was issued on 2017-09-16 for the outstanding principal amount of Rs. 6,39,93,165 along with interest and demurrage charges. The Corporate Debtor

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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 Adjudicating Authority considered the submissions and evidence presented by the

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

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**Application:** The Operational Creditor, Gimpex Private Limited, demonstrated that Surana

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## Parties

- **Judges:** K. Anantha…; S. VIJAYARA…
- **Appellants:** GIMPEX PRIVATE…
- **Respondents:** Surana Power…
- **Advocates:** K. R…; K. Arun Pr…; +2 more

## Timeline

- **2013-10-25 — High Sea Sale…**: Gimpex Private Limited entered into a High Sea Sale Agreement with Surana Corporation…
- **2014-07-30 — Board Reso…**: Surana Corporation Limited transferred its liability to Surana Power Limited via a board…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 8 — Insolvency resolution by operational creditor](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-8)

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