# In the matter of SWASTIK ISPAT PRIVATE LIMITED

> NCLT judgment dated 2025-06-12. Citation: TCN-2025-NCLT-01065. Shree Shyam Minerals filed an application under Section 9 of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 12 Jun 2025
- **Citation:** TCN-2025-NCLT-01065
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-cuttack/swastik-ispat-private-limited-4896f618

## Summary

### Background

Shree Shyam Minerals filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Swastik Ispat Private Limited for an operational debt of Rs. 1,84,06,686.86.

## Facts

Shree Shyam Minerals (Operational Creditor/Applicant) filed an application to initiate CIRP against Swastik Ispat Pvt. Ltd. (Corporate Debtor/Respondent).

The application was filed on 04.04.2024.

The operational debt claimed is Rs. 1,84,06,686.86.

The Respondent issued its first Purchase Order on 09.03.2023.

The Applicant started raising invoices for supply of coal from 14.11.2022.

The Applicant raised invoices aggregating to Rs. 3,70,43,577.86, out of which the Respondent made payments aggregating to Rs. 2,20,00,000.

A demand notice under Section 8(1) of the Code was issued on 29.01.2024 to the respondent.

The Respondent alleged that the Applicant concealed the fact that a modified Purchase Order was issued on 08.05.2023.

…

## Issues and analysis

### Issue 1: Whether there was a pre-existing dispute between the applicant and respondent prior to issuance of …

**Ratio:** The respondent has not adduced any evidence on record to substantiate its contention that

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**Reasoning:** The respondent has only brought on record the letter dated 19.05.2023 wherein, the

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**Interpretation:** Mere showing the notice of dispute without showing proper acknowledgement by

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**Application:** The Adjudicating Authority concluded that there was no pre-existing dispute

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## Parties

- **Judges:** Deep Chandr…; Banwari Lal…
- **Appellants:** Shree Shyam…
- **Respondents:** Swastik Ispat…
- **Other parties:** Payal Ag…
- **Advocates:** Saswat Kumar…; Saurav Ti…; +1 more

## Timeline

- **2024-04-04 — Application…**: Shree Shyam Minerals filed the…
- **2024-01-29 — Demand Notice…**: A demand notice under Section 8(1) of…

## 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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