# In the matter of Tushara Energy Ventures Pvt. Ltd. CP(IB) No. 475-9-HYB-2019

> NCLT judgment dated 2021-11-23. Citation: TCN-2021-NCLT-00435. Varnika Industries Pvt. Ltd. (Operational Creditor) filed a petition against Tushara Energy…

- **Court:** NCLT
- **Order date:** 23 Nov 2021
- **Citation:** TCN-2021-NCLT-00435
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/tushara-energy-ventures-pvt-ltd-cpib-no-475-9-hyb-2019-c44123f5

## Summary

### Background

Varnika Industries Pvt. Ltd. (Operational Creditor) filed a petition against Tushara Energy Ventures Pvt. Ltd. (Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code, 2016, alleging a default of Rs. 85,15,212/- against invoices raised between 08.01.2018 and 30.03.2019. The Operational Creditor sought admission of the petition, initiation of the Corporate Insolvency Resolution Process (CIRP), a moratorium, and appointment of an Interim Resolution Professional (IRP). The Corporate Debtor claimed the amount was denied due to defective goods supplied and understanding with similar vendors.

## Facts

Varnika Industries Pvt. Ltd., the Operational Creditor, claimed that Tushara Energy Ventures Pvt. Ltd., the Corporate Debtor, defaulted on payments amounting to Rs. 85,15,212/- for invoices raised between January 8, 2018, and March 30, 2019. The invoices were for the supply of Copper Strip, CRGO Core, Clamps, CRGO lamination Shaft, Frames, and other related materials for manufacturing transformers and stabilizers. The Operational Creditor supplied materials and raised invoices totaling Rs. 1,59,10,789.59, out of which the Corporate Debtor paid Rs. 64,51,939/- with the last payment made on December 1, 2018. The Operational Creditor approached the Corporate Debtor multiple times to clear the dues. A demand notice dated June 6, 2019, was issued in Form-3 for the

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## Issues and analysis

### Issue 1: Whether the petition filed by the Operational Creditor, Varnika Industries Pvt. Ltd., against 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 submissions and records presented by both parties, including the

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**Interpretation:** Section 9 provides the framework for operational creditors to initiate

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**Application:** The court found that the Operational Creditor had followed the necessary

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## Parties

- **Judges:** Venkata Ramakrishn…; Veera Brahma Rao…; +1 more
- **Appellants:** Varnika Industries…
- **Respondents:** Tushara Energy…

## Timeline

- **2018-01-08 — Invoice Perio…**: Start date of the period for which invoices…
- **2019-03-30 — Invoice Per…**: End date of the period for which invoices…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 14 — Moratorium](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-14)

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