# In the matter of Aksa Paper Mills Private Limited

> NCLT judgment dated 2024-08-29. Citation: TCN-2024-NCLT-00736. The case pertains to an application filed by M/s S.N. Global Minerals LLP (Operational…

- **Court:** NCLT
- **Order date:** 29 Aug 2024
- **Citation:** TCN-2024-NCLT-00736
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/aksa-paper-mills-private-limited-ec34ce2e

## Summary

### Background

The case pertains to an application filed by M/s S.N. Global Minerals LLP (Operational Creditor) under Section 9 of the Insolvency and Bankruptcy Code, 2016, against M/s Aksa Paper Mills Private Limited (Corporate Debtor) for initiation of Corporate Insolvency Resolution Process (CIRP) due to default in payment of operational debt amounting to Rs. 2,93,23,806/-. The Operational Creditor claimed that the Corporate Debtor defaulted on payments for imported coal supplied based on four purchase orders. The Corporate Debtor failed to file any reply despite sufficient opportunities.

## Facts

M/s S.N. Global Minerals LLP (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code (IBC), 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 placed between May and October 2023. Invoices were raised from June to October 2023, totaling Rs. 2,69,38,653/-, with a credit period of 90 days. The invoices included a provision for late payment interest at 2.00% per month. The Corporate Debtor failed to pay the outstanding amount. A demand notice was issued on February 29, 2024, and served to the Corporate Debtor, but no payment or reply was received. The

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## Issues and analysis

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

**Ratio:** Section 9 of the IBC, read with Rule 6 of the Insolvency and Bankruptcy (Application to

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**Reasoning:** The NCLT perused the records and found that the Operational Creditor had supplied goods

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**Interpretation:** Section 9 of the IBC provides a mechanism for operational creditors to initiate

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**Application:** In this case, the Operational Creditor's application was found to be complete

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## Parties

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

## Timeline

- **2023-05-27 — Purchase…**: First purchase order placed by Corporate…
- **2023-06-13 — Purchase…**: Second purchase order placed by Corporate…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 5(21) — Definitions](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-5)

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