# In the matter of Divyam Developers Private Limited CP No. IB-1835-ND-2019

> NCLT judgment dated 2022-03-25. Citation: TCN-2022-NCLT-03522. The case involves an application filed by Bindals Merchandise, an operational creditor, against…

- **Court:** NCLT
- **Order date:** 25 Mar 2022
- **Citation:** TCN-2022-NCLT-03522
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/divyam-developers-private-limited-cp-no-ib-1835-nd-2019-f78f303b

## Summary

### Background

The case involves an application filed by Bindals Merchandise, an operational creditor, against Divyam Developers Private Limited, a corporate debtor, under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP). The application is based on an alleged default by the corporate debtor in making payments for goods supplied by the operational creditor.

## Facts

Bindals Merchandise, the operational creditor, filed an application under Section 9 of the IBC, 2016, against Divyam Developers Private Limited, the corporate debtor, for initiating CIRP due to an outstanding debt of Rs. 68,29,866/-. The debt arose from the supply of Iron & Steel, Agro Products, Chemicals, fuel and Lubricants, Machinery Part and their accessories by Bindals Merchandise to Divyam Developers. The operational creditor supplied goods to the corporate debtor between 30.04.2014 and 10.06.2018, issuing invoices for the same. The corporate debtor made part payments, but a significant amount remained outstanding. The corporate debtor transferred 12 flats to the operational creditor as part payment. The operational creditor issued a demand notice under

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## Issues and analysis

### Issue 1: Whether the operational creditor, Bindals Merchandise, has established a valid claim against the …

**Ratio:** The legal principle applied is that if an operational creditor demonstrates that a debt

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**Reasoning:** The court reasoned that the operational creditor had supplied goods/materials to the

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**Interpretation:** Section 9 of the IBC allows an operational creditor to initiate CIRP against a

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**Application:** The court applied the ratio to the facts by noting that the operational

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## Parties

- **Judges:** DHARMINDER…; SUMITAPURKA…
- **Appellants:** Bindals Merchandis…
- **Respondents:** Divyam Developers…

## Timeline

- **2014-04-30 — Supply of…**: Operational creditor supplied goods to the corporate debtor during the period 30.04.2014…
- **2018-08-31 — Last Pay…**: The last payment was made by the…

## 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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