# In the matter of Emerald Performance Chemical Private Limited

> NCLT judgment dated 2023-09-27. Citation: TCN-2023-NCLT-01435. The case involves an application filed by Synres B.V. (Operational Creditor) under Section 9 of…

- **Court:** NCLT
- **Order date:** 27 Sept 2023
- **Citation:** TCN-2023-NCLT-01435
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/emerald-performance-chemical-private-limited-00b685a3

## Summary

### Background

The case involves an application filed by Synres B.V. (Operational Creditor) under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Emerald Performance Chemical Private Limited (Corporate Debtor). The application was filed due to unpaid invoices for goods supplied by the Operational Creditor to the Corporate Debtor. The Operational Creditor claimed a total amount of Rs. 1,12,73,566/- based on unpaid invoices with default occurring from 14.06.2018.

## Facts

Synres B.V. (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Emerald Performance Chemical Private Limited (Corporate Debtor). The application was based on unpaid invoices for 'acrylic resins' supplied by the Operational Creditor to the Corporate Debtor. The total amount claimed was Rs. 1,12,73,566/-. The Operational Creditor and Corporate Debtor had entered into an agreement on 01.03.2016, where the Corporate Debtor was appointed as a distributor for the Operational Creditor's products in India. The invoices were raised between 16.03.2018 and 21.09.2018, with a 90-day payment term from the issuance date. The Corporate Debtor received the goods

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## Issues and analysis

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

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

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**Reasoning:** The court found that the Operational Creditor had submitted sufficient documents to prove

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**Interpretation:** Section 9 of the IBC provides a mechanism for operational creditors to recover

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**Application:** The court applied Section 9 of the IBC to the facts of the case and determined

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## Parties

- **Judges:** K. R. SAJI…; SANJIV…
- **Appellants:** Synres…
- **Respondents:** Emerald Performanc…
- **Advocates:** Garima Me…

## Timeline

- **2016-03-01 — Agreement…**: The Operational Creditor and the Corporate Debtor entered into an agreement where the…
- **2018-03-16 — Invoice Perio…**: The period during which the unpaid invoices were raised by the Operational Creditor…

## 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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