# In the matter of Yogi Infrastructure Pvt. Ltd. C.P. (I.B) No. 227-9-NCLT-AHM-2018

> NCLT judgment dated 2020-06-03. Citation: TCN-2020-NCLT-01247. The case involves an application filed under Section 9 of the Insolvency and Bankruptcy Code,…

- **Court:** NCLT
- **Order date:** 3 Jun 2020
- **Citation:** TCN-2020-NCLT-01247
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/yogi-infrastructure-pvt-ltd-cp-ib-no-227-9-nclt-ahm-2018-ac0510da

## Summary

### Background

The case involves an application filed under Section 9 of the Insolvency and Bankruptcy Code, 2016, by Jay Manak Steels, an operational creditor, seeking initiation of the Corporate Insolvency Resolution Process (CIRP) against Yogi Infrastructure Pvt. Ltd., the corporate debtor. The operational creditor claimed that the corporate debtor defaulted on payment for supplied steel goods. The corporate debtor denied the allegations, claiming the goods were of low quality and defective.

## Facts

M/s. Jay Manak Steels, the operational creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Yogi Infrastructure Pvt. Ltd., the corporate debtor. Jay Manak Steels claimed that it supplied steel goods (MS Angle) to Yogi Infrastructure Pvt. Ltd. for a total value of Rs.27,17,818/-. As per the invoices, the payment was to be made within 2 to 7 days, with a 24% interest on delayed payments. Yogi Infrastructure Pvt. Ltd. paid Rs.17,74,977/-, leaving a balance of Rs.9,42,841/- as of 22.09.2017. Jay Manak Steels issued a demand notice on 06.04.2018, which was neglected by Yogi Infrastructure Pvt. Ltd. The corporate debtor claimed the supplied goods were of low quality

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## Issues and analysis

### Issue 1: Whether the present I.B. Petition filed under Section 9 of the Insolvency and Bankruptcy Code, …

**Ratio:** The Adjudicating Authority is bound to admit the IBC proceedings if the debt is

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**Reasoning:** The Adjudicating Authority considered the averments made by the Petitioner in the present

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**Interpretation:** Section 9 of the Insolvency and Bankruptcy Code, 2016 allows an operational

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**Application:** The Adjudicating Authority found that the petition was complete and that the

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## Parties

- **Judges:** Harihar Prakash…; Prasanta Kumar…
- **Appellants:** Jay Manek…
- **Respondents:** Yogi Infrastructur…

## Timeline

- **2005-02-01 — Incorporation of…**: Yogi Infrastructure Pvt. Ltd. was incorporated under the provisions of the Companies Act,…
- **2017-09-22 — Accounting Bal…**: The remaining amount due from the Corporate…

## 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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