# In the matter of Camerich Papers Pvt. Ltd.

> NCLT judgment dated 2024-02-27. Citation: TCN-2024-NCLT-02355. The application was filed on 20.03.2023 by Saheb Impex, an operational creditor, through its…

- **Court:** NCLT
- **Order date:** 27 Feb 2024
- **Citation:** TCN-2024-NCLT-02355
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/camerich-papers-pvt-ltd-0a8fa89a

## Summary

### Background

The application was filed on 20.03.2023 by Saheb Impex, an operational creditor, through its partner Raviraj Tapulal Aghara, against Camerich Papers Pvt. Ltd., the corporate debtor, under Section 9 of the Insolvency and Bankruptcy Code, 2016, read with Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, for initiating Corporate Insolvency Resolution Process (CIRP). The operational creditor sought to declare a moratorium due to the corporate debtor's default in payment of an operational debt amounting to Rs. 4,18,51,629.68, including interest. The applicant, Saheb Impex, was supplying waste papers to the respondent, Camerich Papers Pvt Ltd, between 03.09.2019 and 24.12.2022, based on an oral agreement. Despite repeated reminders,

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## Facts

Saheb Impex, an operational creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Camerich Papers Pvt. Ltd., the corporate debtor. The application was filed on 20.03.2023. Saheb Impex claimed that Camerich Papers Pvt. Ltd. had defaulted on an operational debt of Rs. 4,18,51,629.68, including interest. The debt arose from the supply of waste papers by Saheb Impex to Camerich Papers Pvt. Ltd. between 03.09.2019 and 24.12.2022, based on an oral agreement. The invoices carried an interest clause of 18% per annum. A demand notice was issued on 16.01.2023 and delivered on 18.01.2023, but the corporate debtor failed to reply or pay the outstanding amount. The operational

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## Issues and analysis

### Issue 1: Whether the application filed by the operational creditor, Saheb Impex, under Section 9 of the …

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

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**Reasoning:** The Adjudicating Authority considered the documents submitted by the operational

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

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**Application:** The Adjudicating Authority found that the operational creditor had demonstrated

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## Parties

- **Judges:** SHAMMI…; SAMEER…
- **Appellants:** Saheb Impex…
- **Respondents:** Camerich Papers…

## Timeline

- **2019-09-03 — Supply of Waste Papers…**: Saheb Impex started supplying waste…
- **2022-12-24 — Supply of Waste Papers…**: Saheb Impex stopped supplying waste…

## 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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