# In the matter of Faridabad Stampings Pvt. Ltd. IB-261-(ND)-2020

> NCLT judgment dated 2022-05-19. Citation: TCN-2022-NCLT-02694. The case involves an application filed by M/s Swastik Pipe Ltd., the operational creditor,…

- **Court:** NCLT
- **Order date:** 19 May 2022
- **Citation:** TCN-2022-NCLT-02694
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/faridabad-stampings-pvt-ltd-ib-261-nd-2020-03f6ffd6

## Summary

### Background

The case involves an application filed by M/s Swastik Pipe Ltd., the operational creditor, under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of the Corporate Insolvency Resolution Process (CIRP) against M/s Faridabad Stampings Pvt. Ltd., the corporate debtor. The operational creditor claimed that the corporate debtor defaulted on payment of an operational debt.

## Facts

M/s Swastik Pipe Ltd. (operational creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate CIRP against M/s Faridabad Stampings Pvt. Ltd. (corporate debtor). The operational creditor claimed that the corporate debtor defaulted on payment of an operational debt of Rs. 3,89,265/-. The operational creditor supplied C.R. Sheets to the corporate debtor. A demand notice was sent on 03.12.2019. The corporate debtor did not submit a reply but argued the matter on merits. The ledger showed that certain payments were regularly made, but a sum of Rs. 1,78,992/- was due as of 14.09.2018. The amount of Rs. 3,89,265/- includes the principal amount of Rs. 1,78,992/- and interest of Rs. 2,10,273/-. The corporate debtor did not dispute

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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(5) of the Insolvency and Bankruptcy Code, 2016, provides for the admission of

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**Reasoning:** The Tribunal found that the operational creditor had successfully proven that 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 Tribunal applied Section 9(5) of the IBC to the facts of the case and found

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## Parties

- **Judges:** DHARMINDER…; SUMITA PURK…; +1 more
- **Appellants:** M/s Swastik Pipe…
- **Respondents:** M/s Faridabad…

## Timeline

- **2019-12-03 — Demand N…**: The Operational Creditor sent a Demand Notice dated 03.12.2019 demanding payment of an…
- **2018-09-14 — Amount D…**: A sum of Rs. 1,78,992/- was due against the Faridabad Stampings Pvt. Ltd., which were not…

## 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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