# In the matter of Adgaonkar Saraf Private Limited CP No. 310-(IB)-MB-V-2020

> NCLT judgment dated 2023-01-31. Citation: TCN-2023-NCLT-04847. The case involves a petition filed by Alpa Sandeep Jain, the sole proprietor of Nakoda Gold,…

- **Court:** NCLT
- **Order date:** 31 Jan 2023
- **Citation:** TCN-2023-NCLT-04847
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/adgaonkar-saraf-private-limited-cp-no-310-ib-mb-v-2020-9146daea

## Summary

### Background

The case involves a petition filed by Alpa Sandeep Jain, the sole proprietor of Nakoda Gold, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Adgaonkar Saraf Private Limited, the Corporate Debtor. The petitioner alleges that the Corporate Debtor defaulted on 30.11.2019, owing Rs. 4,89,721.11/- along with further interest of 18% per annum from December 2019. The petition was filed under Section 9 of the Insolvency & Bankruptcy Code, 2016, read with Rule 5 and 6 of the Insolvency & Bankruptcy (Application to Adjudicating Authority) Rules, 2016.

## Facts

Alpa Sandeep Jain, operating as Nakoda Gold, filed a petition to initiate Corporate Insolvency Resolution Process (CIRP) against Adgaonkar Saraf Private Limited, the Corporate Debtor. The Corporate Debtor allegedly defaulted on payments amounting to Rs. 4,89,721.11 as of 30.11.2019, with an additional 18% annual interest accruing from December 2019. Nakoda Gold, a proprietor concern, supplied gold-plated jewellery and items to the Corporate Debtor between March 2018 and September 2018, raising invoices with a 30-day credit period and an 18% annual interest charge for late payments. The Corporate Debtor failed to pay outstanding dues of Rs. 3,83,326/- for four invoices. The Corporate Debtor issued two post-dated cheques that were dishonored. A legal notice was issued on

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor defaulted in repayment of the operational debt, justifying the …

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

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**Reasoning:** The court reasoned that the Corporate Debtor failed to repay the operational debt of Rs.

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**Interpretation:** Section 9 is interpreted to provide a mechanism for operational creditors to

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**Application:** The court applied Section 9 to the facts of the case, noting that the Corporate

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## Parties

- **Judges:** Kuldip Kumar…; ANURADHA SANJAY…
- **Appellants:** Alpa Sandee…
- **Respondents:** Adgaonkar Saraf…; M/s. Adgaonkar…

## Timeline

- **2018-03-01 — Supply of…**: Petitioner supplied gold-plated jewellery and items to the Corporate Debtor from March…
- **2019-04-27 — Cheque I…**: Corporate Debtor issued cheque no. 9940…

## 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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