# Lakhari Resources Private Limited vs. Heimdal Minerals Private Limited

> NCLT judgment dated 2026-07-28. Citation: TCN-2026-NCLT-00734. Lakhari Resources Private Limited, an Operational Creditor, filed an application under Section…

- **Court:** NCLT
- **Order date:** 28 Jul 2026
- **Citation:** TCN-2026-NCLT-00734
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chennai/lakhari-resources-private-limited-vs-heimdal-minerals-private-limited-36q32

## Summary

### Background

Lakhari Resources Private Limited, an Operational Creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Heimdal Minerals Private Limited, the Corporate Debtor. The application was based on an outstanding operational debt of Rs. 3,16,07,201/- arising from the supply of computers and IT products.

## Facts

Lakhari Resources Private Limited (Operational Creditor) filed an application under Section 9 of the IBC, 2016, to initiate CIRP against Heimdal Minerals Private Limited (Corporate Debtor).

Lakhari Resources Private Limited is engaged in the business of trading and supply of computers, computer peripheral equipment, software, and repair services related to Information Technology products.

Heimdal Minerals Private Limited was incorporated on 11.01.2018.

The total outstanding debt claimed by the Operational Creditor is Rs. 3,16,07,201/-, comprising a principal amount of Rs. 2,89,92,600/- and interest of Rs. 26,14,601/- at 12% per annum.

The date of default is 07.04.2024.

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## Issues and analysis

### Issue 1: Whether there is an "operational …

**Ratio:** An operational debt exceeding the prescribed threshold limit (currently Rs. 1 Crore,

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**Reasoning:** The application clearly specified the total outstanding debt as Rs. 3,16,07,201/-, which

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**Interpretation:** Section 4 of the IBC mandates a minimum default amount for initiating CIRP,

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**Application:** The debt of Rs. 3,16,07,201/- constitutes an operational debt and substantially

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## Parties

- **Judges:** Shri. JYOTI KUMAR…; SHRI. RAVICHANDRAN…
- **Appellants:** Lakhari Resources…; Jitender K…
- **Respondents:** Heimdal Minerals…
- **Other parties:** Bishal Ag…
- **Advocates:** Varun Srin…; Sweet…

## Timeline

- **2024-04-07 — Date of D…**: The date on which the Corporate Debtor defaulted on its payment obligations to the…
- **2024-04-30 — Demand Lett…**: One of the letters sent by the Operational Creditor demanding payment 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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