# In the matter of Bee K Bee Prints Private Limited

> NCLT judgment dated 2024-04-15. Citation: TCN-2024-NCLT-01726. The case pertains to an application filed by M/s. Locofast Online Services Private Limited…

- **Court:** NCLT
- **Order date:** 15 Apr 2024
- **Citation:** TCN-2024-NCLT-01726
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/bee-k-bee-prints-private-limited-627875b8

## Summary

### Background

The case pertains to an application filed by M/s. Locofast Online Services Private Limited (Operational Creditor) under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Bee K Bee Prints Private Limited (Corporate Debtor) for defaulting on a payment of Rs. 1,08,75,847/-. The Operational Creditor is in the business of manufacturing textiles and had supplied fabric rolls to the Corporate Debtor based on three purchase orders. While part payment was made for one invoice, the Corporate Debtor failed to pay the outstanding amount for the remaining invoices, leading to the application for CIRP.

## Facts

M/s. Locofast Online Services Private Limited (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. Bee K Bee Prints Private Limited (Corporate Debtor). The Operational Creditor is in the business of manufacturing textiles. In August 2021, the Corporate Debtor approached the Operational Creditor to purchase fabric rolls. The Corporate Debtor issued three purchase orders: PO No. 014 (dt. 20.09.2021), PO No. 015 (dt. 20.09.2021), and PO No. 018 (dt. 14.10.2021). The Operational Creditor supplied goods under these purchase orders. The Operational Creditor raised invoices for the supplied goods. Invoice No. LF/21-22-09/078 (dt 21.09.2021) for Rs.

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## Issues and analysis

### Issue 1: Whether the application under Section 9 of the …

**Ratio:** Section 9(5) of the IBC, 2016 stipulates that the Adjudicating Authority shall admit the

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**Reasoning:** The Adjudicating Authority observed that the application was complete as per the

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**Interpretation:** Section 9 of the IBC, 2016 provides the procedure for initiation of CIRP by an

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**Application:** The Adjudicating Authority found that the application filed by the Operational

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## Parties

- **Judges:** MANNI SANKARIAH…; Sanjeev R…
- **Appellants:** M/s. LOCOFAST…
- **Respondents:** M/s. ΒΕΕ Κ BEE…
- **Advocates:** Vaibhav…; Zorawar…; +2 more

## Timeline

- **2021-08-01 — Corporate Debtor…**: The Corporate Debtor approached the Applicant to purchase significant amounts of fabric…
- **2021-09-20 — Purchase Order…**: The Corporate Debtor issued two purchase…

## 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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