# In the matter of Accutime Logistic Private Limited C.P. (IB) No. 454-KB-2019

> NCLT judgment dated 2022-01-14. Citation: TCN-2022-NCLT-04443. DNK Lorry Services, an operational creditor, filed a petition under Section 9 of the Insolvency…

- **Court:** NCLT
- **Order date:** 14 Jan 2022
- **Citation:** TCN-2022-NCLT-04443
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/accutime-logistic-private-limited-cp-ib-no-454-kb-2019-dc439df4

## Summary

### Background

DNK Lorry Services, an operational creditor, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Accutime Logistic Private Limited, the corporate debtor. The petition was filed due to the corporate debtor's failure to pay an outstanding amount of Rs. 33,78,983 as of September 1, 2018, which was stated as the date of default. The operational creditor provided lorry services to the corporate debtor based on an agreement dated September 20, 2018. Invoices were raised between July 15, 2018, and September 18, 2018, totaling Rs. 34,67,720, out of which only Rs. 2,80,000 was received.

## Facts

DNK Lorry Services, a proprietorship owned by Nawal Kishor Gupta, provided transportation services to Accutime Logistic Private Limited under an agreement dated September 20, 2018. Invoices totaling Rs. 34,67,720 were raised between July 15, 2018, and September 18, 2018, but only Rs. 2,80,000 was paid. As of September 1, 2018, Rs. 33,78,983 remained unpaid. The Corporate Debtor acknowledged the debt in an email dated February 16, 2019, citing fund shortage. The Operational Creditor issued a statutory demand notice on February 23, 2019, which the Corporate Debtor replied to on March 4, 2019, denying any outstanding dues and alleging non-compliance with the agreement terms, including the failure to provide waterproof containers, resulting in water leakage and damage to

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## Issues and analysis

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

**Ratio:** Section 9 of the Insolvency and Bankruptcy Code, 2016 allows an operational creditor to

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**Reasoning:** The court considered the submissions and documents presented by both parties, including

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**Interpretation:** The court interpreted Section 9 to mean that if there is a valid debt and

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**Application:** The court found that the application was maintainable as there was a valid debt

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## Parties

- **Judges:** Rohit K…; Harish Chander…; +1 more
- **Appellants:** DNK Lorry S…
- **Respondents:** Accutime Logistic…

## Timeline

- **2018-07-15 — Invoices…**: Operational Creditor raised invoices for…
- **2018-09-18 — Invoices…**: Operational Creditor raised invoices for…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 14 — Moratorium](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-14)

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