# In the matter of Suryadeep Salt Refinery and Chemicals Works Limited CP (IB) No.347-9-NCLT-AHM-2019

> NCLT judgment dated 2020-12-17. Citation: TCN-2020-NCLT-00053. The case involves an application filed by BSE Limited, an operational creditor, under Section 9…

- **Court:** NCLT
- **Order date:** 17 Dec 2020
- **Citation:** TCN-2020-NCLT-00053
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/suryadeep-salt-refinery-and-chemicals-works-limited-cp-ib-no347-9-nclt-ahm-2019-128123ee

## Summary

### Background

The case involves an application filed by BSE Limited, an operational creditor, under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Suryadeep Salt Refinery & Chemicals Works Limited, the corporate debtor. The operational creditor claims an outstanding amount of Rs. 10,12,336, with the date of default being 01.04.2015, 01.04.2016, and 01.04.2017. The corporate debtor is listed on the Bombay Stock Exchange and is required to pay an annual listing fee.

## Facts

BSE Limited, an operational creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate CIRP against Suryadeep Salt Refinery & Chemicals Works Limited, a corporate debtor listed on the Bombay Stock Exchange. The outstanding amount claimed is Rs. 10,12,336, with the date of default being 01.04.2015, 01.04.2016, and 01.04.2017. The outstanding relates to the payment of annual listing fees. The operational creditor submitted that no one appeared on behalf of the corporate debtor, and notice was published in the newspaper. The application was filed on 06.02.2019. Invoices raised in 2015-2016 are out of limitation, but the invoice raised on 01.04.2017, amounting to Rs. 2,87,500, falls within the limitation period and exceeds

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## Issues and analysis

### Issue 1: Whether the application filed by the operational creditor under Section 9 of the Insolvency and …

**Ratio:** An application under Section 9 of the Insolvency and Bankruptcy Code, 2016, is admissible

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**Reasoning:** The court considered the submissions made by the learned counsel for the operational

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**Interpretation:** Section 9 of the Insolvency and Bankruptcy Code, 2016, allows an operational

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**Application:** In this case, the court found that the invoice raised on 01.04.2017 fell within

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## Parties

- **Judges:** Madan B.…; Virendra Kumar…
- **Appellants:** BSE L…
- **Respondents:** Suryadeep Salt…; Suryadeep Salt…

## Timeline

- **2019-02-06 — Application…**: The application under Section 9 of the Insolvency and Bankruptcy Code, 2016, was filed by…
- **2020-12-15 — Order Res…**: The order was reserved…

## 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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