# In the matter of Buyout Retail India Private Limited

> NCLT judgment dated 2024-02-02. Citation: TCN-2024-NCLT-02794. The application was filed by Nuttish Exim India Private Limited, the Operational Creditor,…

- **Court:** NCLT
- **Order date:** 2 Feb 2024
- **Citation:** TCN-2024-NCLT-02794
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/buyout-retail-india-private-limited-d73f79b9

## Summary

### Background

The application was filed by Nuttish Exim India Private Limited, the Operational Creditor, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against Buyout Retail India Private Limited, the Corporate Debtor. The Operational Creditor provided Gold Bar scrap services to the Corporate Debtor, but payments for invoices raised on several occasions were not duly paid. The Corporate Debtor bought Gold Bar Scrap on 23.08.2023 via two invoices, with a total unpaid debt of Rs 1,09,23,641.93. The Operational Creditor sent emails and reminders seeking payment, and the Corporate Debtor admitted liability via email dated 01.09.2023, requesting time for payment. As no payment was made, the Operational Creditor issued a Demand Notice on 12.09.2023 under Section 8 of

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## Facts

Nuttish Exim India Private Limited (Operational Creditor) filed an application seeking initiation of CIRP against Buyout Retail India Private Limited (Corporate Debtor). The Operational Creditor provided Gold Bar scrap services to the Corporate Debtor. The Corporate Debtor purchased Gold Bar Scrap on 23.08.2023 through two invoices. The total unpaid debt amounted to Rs 1,09,23,641.93. The Operational Creditor sent emails and reminders to the Corporate Debtor seeking payment. The Corporate Debtor admitted the liability via email dated 01.09.2023 and sought time for payment. The Corporate Debtor failed to make any payment, leading the Operational Creditor to issue a Demand Notice on 12.09.2023 under Section 8 of the Code. The Corporate Debtor stated in its reply

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## Issues and analysis

### Issue 1: Whether the application under Section 9 of the Insolvency and Bankruptcy Code, 2016 should be …

**Ratio:** The Adjudicating Authority must be satisfied that the applicant fulfills the criteria

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**Reasoning:** The Adjudicating Authority noted that the Operational Creditor established the supply of

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**Interpretation:** Section 9 of the Insolvency and Bankruptcy Code, 2016 outlines the requirements

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**Application:** The Adjudicating Authority found that the Operational Creditor met the

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## Parties

- **Judges:** BACHU VENKAT…; RAHUL BHA…
- **Appellants:** Nuttish Exim…
- **Respondents:** Buyout Retail…
- **Advocates:** Sumit K…; Siddhant A…

## Timeline

- **2023-08-23 — Purchase of Gold Bar…**: The Corporate Debtor bought Gold Bar Scrap from…
- **2023-09-01 — Admission of L…**: The Corporate Debtor admitted the liability…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 8 — Insolvency resolution by operational creditor](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-8)

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