# In the matter of VB Power Private Limited CP (IB)-2466-MB-2018

> NCLT judgment dated 2019-02-05. Citation: TCN-2019-NCLT-05008. The case involves a Company Petition filed by T.R. Steel Private Limited (the Petitioner) under…

- **Court:** NCLT
- **Order date:** 5 Feb 2019
- **Citation:** TCN-2019-NCLT-05008
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/vb-power-private-limited-cp-ib-2466-mb-2018-97224733

## Summary

### Background

The case involves a Company Petition filed by T.R. Steel Private Limited (the Petitioner) under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against VB Power Private Limited (the Corporate Debtor). The Petitioner alleges that the Corporate Debtor defaulted in making payments amounting to Rs. 14,27,707/-. The Petitioner had supplied CR Coils to the Corporate Debtor between January 15, 2015, and May 12, 2015, with the last payment received on March 28, 2016, leaving a balance due.

## Facts

T.R. Steel Private Limited (the Petitioner) supplied CR Coils to VB Power Private Limited (the Corporate Debtor) between January 15, 2015, and May 12, 2015. The last payment received by the Petitioner was on March 28, 2016. A balance of Rs. 7,21,872/- remained unpaid. The Petitioner issued a Demand Notice on February 1, 2018, demanding the principal sum and interest, totaling Rs. 14,27,707/-, calculated at 36% per annum as per the invoices. The Corporate Debtor did not respond to the Demand Notice. The Petitioner served the petition on the Corporate Debtor on August 17, 2018, but the Corporate Debtor failed to appear for the hearing. The Petitioner provided a ledger account statement and a bank certificate to substantiate the claim.

## Issues and analysis

### Issue 1: Whether the Corporate Debtor committed a …

**Ratio:** The legal principle applied is that if a corporate debtor fails to make payment of a debt

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**Reasoning:** The court reasoned that the Petitioner provided sufficient evidence, including invoices,

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**Interpretation:** The interpretation of the law is that a default occurs when a debt is due and

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**Application:** In this case, the Petitioner provided evidence of the debt through invoices and

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## Parties

- **Judges:** Bhaskara Pantula…; V. Nallasen…
- **Appellants:** T.R. Steel…
- **Respondents:** VB Power Private…
- **Advocates:** Janaklal…

## Timeline

- **2015-01-15 — Supply of CR Coils…**: T.R. Steel Private Limited started supplying…
- **2015-05-12 — Supply of CR C…**: T.R. Steel Private Limited completed the supply…

## 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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