# In the matter of Vidyasagar Learning Private Limited C.P. No. 2347-I&BP-2019

> NCLT judgment dated 2019-10-22. Citation: TCN-2019-NCLT-00887. India Printing Works filed a company petition against Vidyasagar Learning Private Limited,…

- **Court:** NCLT
- **Order date:** 22 Oct 2019
- **Citation:** TCN-2019-NCLT-00887
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/vidyasagar-learning-private-limited-cp-no-2347-ibp-2019-7902debd

## Summary

### Background

India Printing Works filed a company petition against Vidyasagar Learning Private Limited, alleging default in payment for printing services. The petitioner, engaged in printing, provided study material, answer sheets, and question papers to the corporate debtor, an education/learning business. Despite partial payments, a significant balance remained outstanding, leading the petitioner to initiate Corporate Insolvency Resolution Process (CIRP) under the Insolvency & Bankruptcy Code.

## Facts

India Printing Works (the Petitioner) filed a petition against Vidyasagar Learning Private Limited (the Corporate Debtor) under Section 8 and 9 of the Insolvency & Bankruptcy Code, 2016, alleging default in payment. The Petitioner, a printing business, provided printing services, including study material and question papers, to the Corporate Debtor, an education company. The Corporate Debtor made partial payments, but a balance of Rs. 26,57,439 remained outstanding, including principal and interest. The Petitioner issued a demand notice on 08.04.2019. The Corporate Debtor acknowledged the debt in a letter but requested more time to pay. The Petitioner submitted invoices as proof of work done and the Corporate Debtor's liability. The Corporate Debtor admitted the

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## Issues and analysis

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

**Ratio:** A default occurs when a debt is due and

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**Reasoning:** The court noted that the Petitioner had provided invoices for printing services, and the

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**Interpretation:** The Insolvency & Bankruptcy Code defines default as the non-payment of debt

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**Application:** The Corporate Debtor's failure to pay the outstanding balance, despite

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## Parties

- **Judges:** SUCHITRAKAN…; V. Nallasen…
- **Appellants:** India Printing…
- **Respondents:** Vidyasagar…
- **Advocates:** Prashant H.…; Sachit…

## Timeline

- **2019-04-08 — Demand Notice…**: The Petitioner issued a demand notice to the Corporate Debtor for the payment of…
- **2019-04-30 — Proposed P…**: The Corporate Debtor proposed to clear 4 lacs by April 30 and the complete balance by…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 8 — Insolvency resolution by operational creditor](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-8)

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