# In the matter of Crest Steel (UNA) Private Limited CP (IB) No.647-Chd-Pb-2019

> NCLT judgment dated 2022-06-27. Citation: TCN-2022-NCLT-02024. The case originates from a petition filed under Section 9 of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 27 Jun 2022
- **Citation:** TCN-2022-NCLT-02024
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/crest-steel-una-private-limited-cp-ib-no647-chd-pb-2019-97dc38c6

## Summary

### Background

The case originates from a petition filed under Section 9 of the Insolvency and Bankruptcy Code, 2016, by Rajat (Sole Proprietor) RJ Enterprises, an operational creditor, against Crest Steel UNA Private Limited, the corporate debtor. The operational creditor claimed default on payments for supplied iron and steel products. The petition seeks to initiate the Corporate Insolvency Resolution Process (CIRP) against the corporate debtor.

## Facts

Rajat (Sole Proprietor) RJ Enterprises, an operational creditor, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Crest Steel UNA Private Limited, the corporate debtor, for initiating the Corporate Insolvency Resolution Process (CIRP). The operational creditor supplied iron and steel products to the corporate debtor based on purchase orders. The corporate debtor defaulted on payments, with the amount claimed to be in default being Rs. 1,52,47,560/- including interest. A demand notice in Form 3 dated 30.10.2019 was issued to the corporate debtor. The corporate debtor admitted its liability and inability to pay the debt. The application was filed on 15.11.2019. The corporate debtor's liability was admitted, and the default amount

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## Issues and analysis

### Issue 1: Whether the demand notice in Form 3 …

**Ratio:** The petitioner must prove that the demand notice was served to the corporate debtor as

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**Reasoning:** The petitioner placed a tracking report stating that the speed post was delivered to the

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**Interpretation:** The proper service of demand notice is a prerequisite for initiating CIRP under

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**Application:** The petitioner provided evidence of the tracking report, which showed that the

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## Parties

- **Judges:** Harnam Singh…; SUBRATA KUM…
- **Appellants:** Rajat (Sole…
- **Respondents:** Crest Steel UNA…

## Timeline

- **2012-04-03 — Incorporation of…**: Crest Steel UNA Private…
- **2019-09-01 — Date of De…**: The date the debt…

## Legal provisions

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

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