# In the matter of ASPG Infrastructures Pvt. Ltd. IB-3277-(ND)-2019

> NCLT judgment dated 2022-06-09. Citation: TCN-2022-NCLT-02302. The case involves an application filed by M/s. Saran Equipments and Engineers Pvt. Ltd.…

- **Court:** NCLT
- **Order date:** 9 Jun 2022
- **Citation:** TCN-2022-NCLT-02302
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/aspg-infrastructures-pvt-ltd-ib-3277-nd-2019-ec222c93

## Summary

### Background

The case involves an application filed by M/s. Saran Equipments and Engineers Pvt. Ltd. (Operational Creditor) under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s. ASPG Infrastructures Pvt. Ltd. (Corporate Debtor) for an alleged default in payment of Rs. 1,79,63,109, including principal and interest. The Operational Creditor claims the debt arises from the supply of iron and steel products to the Corporate Debtor. The Corporate Debtor contested the application, alleging that the Operational Creditor is claiming illegal money for goods never received and that there is a pre-existing dispute related to wrong/false invoices.

## Facts

M/s. Saran Equipments and Engineers Pvt. Ltd. (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. ASPG Infrastructures Pvt. Ltd. (Corporate Debtor). The Operational Creditor claimed a debt of Rs. 1,79,63,109, including principal (Rs. 1,14,77,632) and interest (Rs. 64,85,477), arising from the supply of iron and steel products. A demand notice was issued on 04.10.2019. The Corporate Debtor contested the application, alleging that the Operational Creditor was claiming illegal money for goods never received and that there was a pre-existing dispute related to wrong/false invoices. The Corporate Debtor claimed that two employees, Mr. Sandeep Mittal

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## Issues and analysis

### Issue 1: Whether there is an operational debt due from the …

**Ratio:** An operational debt exists when there is a claim in respect of the provision of goods or

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**Reasoning:** The Adjudicating Authority considered the documents and arguments presented by both

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**Interpretation:** The admission of liability by the Corporate Debtor's counsel is interpreted as

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**Application:** The admission of liability by the Corporate Debtor's counsel, coupled with the

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## Parties

- **Judges:** SHRI. P.S.N.…; SHRI. RAHUL…
- **Appellants:** M/s. Saran…
- **Respondents:** M/s. ASPG…

## Timeline

- **2019-10-04 — Demand Notice…**: The Operational Creditor issued a…
- **2019-11-30 — Application…**: M/s. Saran Equipments and Engineers Pvt. Ltd. filed an application under Section 9 of the…

## 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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