# In the matter of Transparent Technologies Pvt. Ltd. TCP No. 183-I&BP-NCLT-MAH-2017

> NCLT judgment dated 2017-08-17. Citation: TCN-2017-NCLT-00608. The case involves a company petition filed under Sections 433 and 434 of the Companies Act,…

- **Court:** NCLT
- **Order date:** 17 Aug 2017
- **Citation:** TCN-2017-NCLT-00608
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/transparent-technologies-pvt-ltd-tcp-no-183-ibp-nclt-mah-2017-03641eec

## Summary

### Background

The case involves a company petition filed under Sections 433 and 434 of the Companies Act, 1956, against Transparent Technologies Pvt. Ltd. (Corporate Debtor) by Multi Trade (Operational Creditor) before the High Court of Bombay. The matter was later transferred to the NCLT Mumbai Bench due to jurisdictional changes following the introduction of the Insolvency & Bankruptcy Code, 2016. Multi Trade, a proprietary concern supplying stainless steel raw materials, claimed that the Corporate Debtor defaulted on payments for supplied goods. The Operational Creditor raised 13 invoices between August and October 2012, totaling ₹22,28,678. The Corporate Debtor made part payments over time, but a significant amount remained outstanding, including principal and interest. The

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## Facts

Multi Trade, a proprietary concern, supplied stainless steel raw materials to Transparent Technologies Pvt. Ltd. (Corporate Debtor). Between August and October 2012, Multi Trade raised 13 invoices totaling ₹22,28,678. The invoices included a clause for 24% per annum interest on overdue amounts, with varying credit periods of 30 or 90 days. The Corporate Debtor made part payments totaling ₹13,70,600 between April 2013 and February 2015. Multi Trade adjusted these payments against outstanding invoices to save limitation. After February 2015, no further payments were made. Multi Trade issued a notice under Section 434 of the Companies Act, 1956, demanding ₹18,28,348.78 as of October 25, 2015. The Corporate Debtor replied, acknowledging the debt but citing financial

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor defaulted in making payments towards the invoices raised by the …

**Ratio:** The ratio is based on the principle that a debt is considered to be in existence if the

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**Reasoning:** The court reasoned that the material available on record was enough to believe that the

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**Interpretation:** The interpretation is that if the Corporate Debtor availed goods supplied by

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**Application:** The Corporate Debtor availed goods supplied by the Petitioner and defaulted in

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## Parties

- **Judges:** B.S.V. Prakash…; V. Nallasen…
- **Appellants:** Multi T…
- **Respondents:** Transparent…
- **Advocates:** Prashant C…

## Timeline

- **2012-08-01 — Invoices…**: Multi Trade raised 13 invoices between August…
- **2013-04-29 — Part Payments by…**: Corporate Debtor made part payments between April 2013 and February 2015, totaling…

## 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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