# In the matter of Aanchal Cement Limited CP(IB) No. 145-KB-2021

> NCLT judgment dated 2022-05-18. Citation: TCN-2022-NCLT-02719. The case involves an application filed under Section 9 of the Insolvency and Bankruptcy Code,…

- **Court:** NCLT
- **Order date:** 18 May 2022
- **Citation:** TCN-2022-NCLT-02719
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/aanchal-cement-limited-cpib-no-145-kb-2021-6cd3a8f8

## Summary

### Background

The case involves an application filed under Section 9 of the Insolvency and Bankruptcy Code, 2016 by Ritu Kejriwal, proprietrix of Shree Krishna Trading Company (Operational Creditor), against Aanchal Cement Limited (Corporate Debtor) to initiate the Corporate Insolvency Resolution Process (CIRP). The Operational Creditor claimed that the Corporate Debtor defaulted on payments for cement clinker supplied from February 8, 2020, to February 24, 2020. The Corporate Debtor acknowledged the debt with a partial payment but failed to clear the outstanding dues. The Operational Creditor issued a demand notice on April 15, 2021, which the Corporate Debtor disputed, citing inferior quality of goods and pre-existing disputes.

## Facts

Ritu Kejriwal, operating as Shree Krishna Trading Company, filed a petition against Aanchal Cement Limited under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate CIRP. Shree Krishna Trading Company, the Operational Creditor, supplied cement clinker to Aanchal Cement Limited, the Corporate Debtor. Invoices were raised between February 8, 2020, and February 24, 2020, with a payment term of 15 days and an 18% interest on default. The Corporate Debtor defaulted on payments, leading to an outstanding principal of ₹2,72,72,184.91. A part payment of ₹2,50,000 was made on August 24, 2020. The Operational Creditor issued a demand notice on April 15, 2021, claiming a total default of ₹3,26,81,204.91, including interest. The Corporate Debtor disputed the

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## Issues and analysis

### Issue 1: Whether the petition filed by the Operational Creditor is maintainable under Section 9 of the …

**Ratio:** Section 9 of the IBC allows an operational creditor to initiate CIRP against a corporate

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**Reasoning:** The court found that the Corporate Debtor had admitted to the debt and its inability to

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**Interpretation:** Section 9 provides a mechanism for operational creditors to recover their dues

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**Application:** The court applied Section 9 to the facts, finding that the Corporate Debtor was

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## Parties

- **Judges:** Rajasekha…; Balraj…
- **Appellants:** RITU KEJ…
- **Respondents:** Aanchal Cement…

## Timeline

- **2020-02-08 — Invoice Perio…**: Operational Creditor started raising invoices for cement clinker supplied to the…
- **2020-02-24 — Invoice Period End &…**: Operational Creditor stopped raising invoices for cement clinker supplied to the…

## 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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