# In the matter of Aksa Paper Mills Private Limited

> NCLT judgment dated 2024-08-29. Citation: TCN-2024-NCLT-00733. The case pertains to an application filed under Section 9 of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 29 Aug 2024
- **Citation:** TCN-2024-NCLT-00733
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/aksa-paper-mills-private-limited-256a08b0

## Summary

### Background

The case pertains to an application filed under Section 9 of the Insolvency and Bankruptcy Code, 2016 by M/s S.N. Global Minerals LLP (Operational Creditor) against M/s Aksa Paper Mills Private Limited (Corporate Debtor) for initiation of Corporate Insolvency Resolution Process (CIRP). The application was filed due to the Corporate Debtor's default in payment of an operational debt amounting to Rs. 2,93,23,806/- including interest. The Operational Creditor claimed that they supplied imported coal to the Corporate Debtor based on four purchase orders, and the Corporate Debtor failed to pay the invoices within the stipulated 90-day period. The Operational Creditor issued a demand notice, but the Corporate Debtor neither replied nor made any payment. The Adjudicating

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## Facts

M/s S.N. Global Minerals LLP (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against M/s Aksa Paper Mills Private Limited (Corporate Debtor) for defaulting on an operational debt of Rs. 2,93,23,806/-. The Operational Creditor supplied imported coal to the Corporate Debtor based on four purchase orders dated 27.05.2023, 13.06.2023, 13.09.2023, and 07.10.2023. The Operational Creditor raised invoices from 08.06.2023 to 31.10.2023, totaling Rs. 2,69,38,653/-, which the Corporate Debtor accepted without objection. The invoices had a payment term of 90 days from the invoice date. The Corporate Debtor failed to pay the invoices within the stipulated time, leading to a default date of 29.01.2024. The Operational

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## Issues and analysis

### Issue 1: Whether the application filed by the Operational Creditor is complete in terms of Section 9 of the …

**Ratio:** Section 9 of the IB Code specifies the requirements for an application to initiate CIRP

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**Reasoning:** The Adjudicating Authority reviewed the application and supporting documents submitted by

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**Interpretation:** Section 9 outlines the necessary components of an application, including proof

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**Application:** The Operational Creditor provided all required documents, including purchase

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## Parties

- **Judges:** SHAMMI…; Sarneer…
- **Appellants:** S.N. Global…
- **Respondents:** Aksa Paper Mills…; Aksa Paper mills…

## Timeline

- **2023-05-27 — Purchase…**: One of the four purchase orders…
- **2023-06-13 — Purchase…**: One of the four purchase orders…

## 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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