# In the matter of Flash Forge Private Limited CP (IB) No. 587-MB-IV-2021

> NCLT judgment dated 2023-04-19. Citation: TCN-2023-NCLT-03724. This is an application filed by Coalnergy Minerals Pte. Ltd., the Operational…

- **Court:** NCLT
- **Order date:** 19 Apr 2023
- **Citation:** TCN-2023-NCLT-03724
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/flash-forge-private-limited-cp-ib-no-587-mb-iv-2021-0aad8934

## Summary

### Background

This is an application filed by Coalnergy Minerals Pte. Ltd., the Operational Creditor/Applicant, under section 9 of the Insolvency & Bankruptcy Code, 2016 (I&B Code) seeking initiation of Corporate Insolvency Resolution Process (CIRP) against Flash Forge Private Limited, the Corporate Debtor. The Operational Creditor claimed a total outstanding amount of USD 1,008,145.49. The date of default is stated to be 31.03.2019. The Petition was filed on 03.06.2021.

## Facts

Coalnergy Minerals Pte. Ltd. filed an application under Section 9 of the Insolvency & Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Flash Forge Private Limited. Coalnergy Minerals claimed an outstanding debt of USD 1,008,145.49, with the date of default being 31.03.2019. Coalnergy Minerals is a Singapore-based company engaged in trading base metals, steel products, and general commodities. Flash Forge approached Coalnergy Minerals for purchasing commodities like Nickel Briquettes, Steel Seamless pipes, and Titanium Plates. Sales contracts were entered into on 14.07.2018, 30.07.2018, and 06.10.2018. Coalnergy Minerals delivered the goods and raised invoices, which were acknowledged by Flash Forge. Flash Forge acknowledged

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## Issues and analysis

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

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

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**Reasoning:** The court considered the arguments and evidence presented by both parties, including the

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

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**Application:** The court found that the Operational Creditor had met the requirements of

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## Parties

- **Judges:** Prabhat…; KISHORE VEMULAPALL…
- **Appellants:** Coalnergy…
- **Respondents:** Flash Forge…

## Timeline

- **2018-07-14 — Sales Con…**: Operational Creditor and Corporate…
- **2018-07-30 — Sales Con…**: Operational Creditor and Corporate…

## 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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