# In the matter of Bella Jewelry Private Limited CP (IB) No. 846 OF 2022

> NCLT judgment dated 2022-11-22. Citation: TCN-2022-NCLT-00374. The case involves a Company Petition filed by Mr. Vikram Rathor, Proprietor of Vishnu…

- **Court:** NCLT
- **Order date:** 22 Nov 2022
- **Citation:** TCN-2022-NCLT-00374
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/bella-jewelry-private-limited-cp-ib-no-846-of-2022-08f72dd7

## Summary

### Background

The case involves a Company Petition filed by Mr. Vikram Rathor, Proprietor of Vishnu Enterprises (Operational Creditor), seeking to initiate Corporate Insolvency Resolution Process (CIRP) against M/s Bella Jewelry Private Limited (Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code, 2016. The Operational Creditor claimed an operational debt of Rs. 1,32,43,677/- with interest, arising from unpaid invoices for job work related to diamond-studded gold jewelry. The Corporate Debtor denied the debt, claiming it was exaggerated and citing financial constraints due to the Covid-19 pandemic.

## Facts

Mr. Vikram Rathor, operating as Vishnu Enterprises, provided job work services related to diamond-studded gold jewelry to M/s Bella Jewelry Private Limited. A Job Work Agreement was in place between the parties. The Operational Creditor raised 37 invoices between 2018-10-10 and 2019-03-07, totaling Rs. 1,07,71,936/-. The Corporate Debtor failed to make payments as per the agreement, which stipulated payment within 10 days with an 18% p.a. interest on delayed payments. The Operational Creditor claimed a total debt of Rs. 1,32,43,677/- including interest up to 2020-03-24. The Operational Creditor issued a demand notice on 2022-05-11, which was delivered on 2022-05-25. The Corporate Debtor denied the claimed amount, stating it was exaggerated and citing financial

…

## Issues and analysis

### Issue 1: Whether the Company Petition filed by the Operational Creditor is maintainable under Section 9 of …

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

…

**Reasoning:** The court observed that the Operational Creditor had followed the procedure prescribed

…

**Interpretation:** Section 9 provides a mechanism for operational creditors to recover their dues

…

**Application:** The court found that the Operational Creditor had complied with the

…

## Parties

- **Judges:** H.V. Subb…; ANURADHA SANJAY…
- **Appellants:** Vikram R…
- **Respondents:** Bella Jewelry…

## Timeline

- **2013-11-14 — Job Work Ag…**: Corporate Debtor and Operational…
- **2018-10-10 — Invoice Perio…**: Start date of the period during…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 14 — Moratorium](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-14)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/bella-jewelry-private-limited-cp-ib-no-846-of-2022-08f72dd7