# In the matter of Cosmic Export Solutions (India) Private Limited CP (IB) No. 369-MB-IV-2022

> NCLT judgment dated 2023-06-06. Citation: TCN-2023-NCLT-03062. Kepuce Footwear Private Limited, the Operational Creditor/Applicant, filed an application under…

- **Court:** NCLT
- **Order date:** 6 Jun 2023
- **Citation:** TCN-2023-NCLT-03062
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/cosmic-export-solutions-india-private-limited-cp-ib-no-369-mb-iv-2022-67c1b22e

## Summary

### Background

Kepuce Footwear Private Limited, the Operational Creditor/Applicant, filed an application under Section 9 of the Insolvency & Bankruptcy Code, 2016 (I&B Code) to initiate Corporate Insolvency Resolution Process (CIRP) against Cosmic Export Solutions (India) Private Limited, the Corporate Debtor. The Operational Creditor claimed a debt of Rs. 2,20,79,119/- with a default date of 07.06.2018. The Corporate Debtor contested the application, citing that the Operational Creditor was struck off from the Register of Companies and that a settlement agreement existed between the parties. The Corporate Debtor also alleged defects in the goods supplied and a police complaint against the directors of the Operational Creditor.

## Facts

Kepuce Footwear Private Limited (Operational Creditor) filed an application under Section 9 of the I&B Code to initiate CIRP against Cosmic Export Solutions (India) Private Limited (Corporate Debtor). The Operational Creditor claimed a debt of Rs. 2,20,79,119/- with a default date of 07.06.2018. The Corporate Debtor purchased footwear from the Operational Creditor since 2016. The Corporate Debtor made a last payment of Rs. 5,00,000/- on 07.06.2018. The Operational Creditor sent demand notices on 24.04.2021 and 27.12.2021. The Corporate Debtor claimed the goods supplied were defective and that a settlement agreement dated 24.02.2018 existed, which the Operational Creditor denied, stating it was forged. The Corporate Debtor also filed a police complaint against the

…

## Issues and analysis

### Issue 1: Whether the application under Section 9 of the I&B Code is maintainable given that the …

**Ratio:** The striking off of the name of the applicant by the ROC cannot disentitle it from

…

**Reasoning:** The court relied on the NCLAT's decision in Hemang Phophalia vs. The Greater Bombay

…

**Interpretation:** This interprets that being struck off from the Register of Companies does not

…

**Application:** The NCLT applied this ratio to the present case, stating that the fact that the

…

## Parties

- **Judges:** Prabhat…; KISHORE VEMULAPALL…
- **Appellants:** Kepuce Footwear…
- **Respondents:** Cosmic Export…
- **Advocates:** Girdhari Lal…; Nausher…; +2 more

## Timeline

- **2016-01-01 — Operational Creditor…**: Sanjay Kumar Singh was an employee of the operational creditor from January 2016 to…
- **2016-04-06 — Supply of…**: Supplies made between…

## 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)

---

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/cosmic-export-solutions-india-private-limited-cp-ib-no-369-mb-iv-2022-67c1b22e