# Stride Steels Private Limited vs. Meenashi Steels Private Limited

> NCLT judgment dated 2026-08-14. Citation: TCN-2026-NCLT-00856. Stride Steels Private Limited, an operational creditor, filed an application under Section 9 of…

- **Court:** NCLT
- **Order date:** 14 Aug 2026
- **Citation:** TCN-2026-NCLT-00856
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chennai/stride-steels-private-limited-vs-meenashi-steels-private-limited-khsqq

## Summary

### Background

Stride Steels Private Limited, an operational creditor, filed an application under Section 9 of the IBC against Meenashi Steels Private Limited (Corporate Debtor) for an outstanding operational debt of Rs. 1,20,85,226/- related to the supply of iron and steel. The Corporate Debtor contested the application, alleging a pre-existing dispute concerning the sub-standard quality of goods supplied, claiming excessive non-metallic waste in scrap metal.

## Facts

Stride Steels Private Limited, the Operational Creditor, filed an application under Section 9 of the IBC.

Meenashi Steels Private Limited, the Corporate Debtor, was previously known as Matsayanayagi Steels And Foundries Private Limited.

The Operational Creditor is engaged in the business of selling iron and steel and supplied goods to the Corporate Debtor.

An outstanding operational debt of Rs. 1,20,85,226/- is claimed, comprising Rs. 1,03,15,002/- principal and Rs. 17,70,724/- interest at 18% p.a.

The date of default is 02.05.2023.

The Operational Creditor sent a demand letter on 06.04.2024, a legal notice on 16.04.2024, and an IBC demand notice on 03.05.2024.

The legal and IBC demand notices were returned with "Not Delivered-Refused" endorsements.

…

## Issues and analysis

### Issue 1: Whether an operational debt is due and payable by the Corporate Debtor to the Operational Creditor …

**Ratio:** Section 9 of the IBC mandates that an operational creditor must demonstrate the existence

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**Reasoning:** The Operational Creditor provided a demand letter dated 06.04.2024, a legal notice dated

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**Interpretation:** The production of invoices, demand notices, and statements of accounts serves

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**Application:** The Tribunal found that the Operational Creditor successfully discharged its

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## Parties

- **Judges:** SANJIV…; RAVICHANDRAN…
- **Appellants:** Stride Steels…
- **Respondents:** Meenashi Steels…
- **Other parties:** Kanhaiya Maheshwar…
- **Advocates:** Vivekan…; Syed Af…

## Timeline

- **2017-12-07 — Incorpor…**: Matsayanayagi Steels Private…
- **2018-03-01 — Name Cha…**: Company name changed to Matsayanayagi…

## 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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