# In the matter of Divyaswarna (OPC) Private Limited C.P (IB) No. 744-KB-2020

> NCLT judgment dated 2022-09-07. Citation: TCN-2022-NCLT-01142. The case involves an application filed under Section 9 of the Insolvency and Bankruptcy Code,…

- **Court:** NCLT
- **Order date:** 7 Sept 2022
- **Citation:** TCN-2022-NCLT-01142
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/divyaswarna-opc-private-limited-cp-ib-no-744-kb-2020-a7c1e955

## Summary

### Background

The case involves an application filed under Section 9 of the Insolvency and Bankruptcy Code, 2016 by Seemant Nahata, the Operational Creditor, against Divyaswarna (OPC) Private Limited, the Corporate Debtor, for initiation of the Corporate Insolvency Resolution Process (CIRP). The Operational Creditor claimed a default amount of Rs. 9,83,989/-. The debt fell due on January 31, 2019, the date of invoice generation and the stated date of default.

## Facts

Seemant Nahata, a proprietor of Dhruv Diamond, is the Operational Creditor. Divyaswarna (OPC) Private Limited is the Corporate Debtor. The Operational Creditor filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate CIRP against the Corporate Debtor. The total amount claimed in default is Rs. 9,83,989/-, which became due on January 31, 2019. The Operational Creditor is in the business of manufacturing and selling jewellery, while the Corporate Debtor is in the business of selling jewellery. The Operational Creditor sold goods to the Corporate Debtor for Rs. 30,80,921/- and raised two invoices. The Corporate Debtor made part payments of Rs. 20,96,932/- between January 23, 2019, and August 16, 2019. The Operational Creditor sent

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## Issues and analysis

### Issue 1: Whether the application filed by the Operational Creditor under Section 9 of the Insolvency and …

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

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**Reasoning:** The court found that the application was complete in all respects as required by law and

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**Interpretation:** Section 9 provides a mechanism for operational creditors to recover their dues

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**Application:** The court applied Section 9 to the facts of the case, finding that the

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## Parties

- **Judges:** RohitKa…; Balraj…
- **Appellants:** Seemant N…
- **Respondents:** Divyaswarna (OPC)…

## Timeline

- **2019-01-31 — Debt Due…**: Date of generation of the invoice…
- **2019-01-23 — Part Payment by…**: Corporate Debtor made…

## 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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