# In the matter of Tyson Retail Services Pvt. Ltd. Company Petition (IB)No.2068-ND-2019

> NCLT judgment dated 2020-06-04. Citation: TCN-2020-NCLT-01246. The case pertains to an application filed by Century Road Transport Pvt. Ltd., the Operational…

- **Court:** NCLT
- **Order date:** 4 Jun 2020
- **Citation:** TCN-2020-NCLT-01246
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/tyson-retail-services-pvt-ltd-company-petition-ibno2068-nd-2019-edf6fbef

## Summary

### Background

The case pertains to an application filed by Century Road Transport Pvt. Ltd., the Operational Creditor, under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016, seeking initiation of the Corporate Insolvency Resolution Process (CIRP) against Tyson Retail Services Pvt. Ltd., the Corporate Debtor. The Operational Creditor provided transport services to the Corporate Debtor and raised invoices for these services. A running account was maintained, and payments made by the Corporate Debtor were adjusted against the invoices. The Corporate Debtor acknowledged an outstanding payment of Rs. 12,78,729/-.

## Facts

Century Road Transport Pvt. Ltd. (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Tyson Retail Services Pvt. Ltd. (Corporate Debtor). The Operational Creditor provided transport services to the Corporate Debtor and raised invoices. A running account was maintained, with payments from the Corporate Debtor adjusted against the invoices. The Corporate Debtor acknowledged a due payment of Rs. 12,78,729/-. As of 2019-05-31, the principal amount of Rs. 12,78,729/- plus interest of Rs. 2,88,397/- (at 21% per annum) was outstanding. A demand notice was issued on 2019-05-27 and delivered on 2019-05-30, but no reply was received. The Corporate Debtor

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## Issues and analysis

### Issue 1: Whether the application filed by the Operational Creditor under Section 9 of the IBC is complete …

**Ratio:** Section 9(5)(i) of the IBC stipulates that the Adjudicating Authority shall admit the

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**Reasoning:** The Adjudicating Authority noted that the application was complete, the operational debt

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**Interpretation:** Section 9 of the IBC provides the framework for an operational creditor to

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**Application:** In this case, the application was deemed complete, the debt was unpaid, the

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## Parties

- **Judges:** Sh. Abni Ranjan…; Sh. Kapal Kumar…
- **Appellants:** Century Road…
- **Respondents:** Tyson Retail…

## Timeline

- **2019-05-27 — Demand Notice…**: Operational Creditor issued a demand…
- **2019-05-30 — Demand Notice…**: Demand notice was delivered…

## 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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