# In the matter of Deep Star Alloys and Steels Private Limited

> NCLT judgment dated 2024-02-28. Citation: TCN-2024-NCLT-02337. The operational creditor filed a petition under Section 9 of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 28 Feb 2024
- **Citation:** TCN-2024-NCLT-02337
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/deep-star-alloys-and-steels-private-limited-6a86d3a6

## Summary

### Background

The operational creditor filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process against the corporate debtor due to an unresolved operational debt.

## Facts

Maheep Marketing Private Limited, the operational creditor, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC), seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against Deep Star Alloys and Steels Private Limited, the corporate debtor. The petition was filed due to an unresolved operational debt amounting to Rs. 54,81,67,055/-. The operational creditor also proposed Mr. Vishnu Kant Kabra as the Interim Resolution Professional. The operational creditor, a distributor of Hot Rolled Steel Coils, supplied H.R. Coils to the corporate debtor between June 27, 2017, and March 31, 2018. Invoices were raised for these goods, which the corporate debtor failed to pay. The operational creditor maintained a Running Accounting

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## Issues and analysis

### Issue 1: Whether there is an existence of an operational debt …

**Ratio:** An operational debt and default are established when goods are supplied, invoices are

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**Reasoning:** The NCLT found that the operational creditor supplied goods, raised invoices, and the

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**Interpretation:** The court interpreted the non-payment of invoices for goods supplied, coupled

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**Application:** The NCLT applied this interpretation to the facts, noting the outstanding

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## Parties

- **Judges:** Kuldip Kumar…; ANIL RAJ C…
- **Appellants:** Maheep Marketing…
- **Respondents:** Deep Star Alloys…; Deep Star…; +1 more
- **Advocates:** For the Operationa…

## Timeline

- **June 27, 2017 — Goods Suppl…**: Operational Creditor started supplying goods…
- **March 31, 2018 — Goods Supp…**: Operational Creditor concluded…

## 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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