# In the matter of Ganga Business Private Limited IB-456-(ND)-2022

> NCLT judgment dated 2022-12-22. Citation: TCN-2022-NCLT-00083. The case involves an application filed by Mr. Sanjay Soni, the Operational Creditor, under…

- **Court:** NCLT
- **Order date:** 22 Dec 2022
- **Citation:** TCN-2022-NCLT-00083
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/ganga-business-private-limited-ib-456-nd-2022-4fad693c

## Summary

### Background

The case involves an application filed by Mr. Sanjay Soni, the Operational Creditor, under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s. Ganga Business Private Limited, the Corporate Debtor, due to an alleged default in payment of Rs. 98,95,62,809/-. The Operational Creditor claims to have supplied gems and gold ornaments to the Corporate Debtor, who failed to make payments as agreed.

## Facts

Mr. Sanjay Soni, the Operational Creditor, is a sole proprietor engaged in the business of manufacturing, wholesale/retail trading, exporting, and supplying precious gemstones and jewelry. M/s. Ganga Business Private Limited, the Corporate Debtor, is a company registered under the Companies Act, 1956, involved in the wholesale/retail trade of gems and precious stones. In January 2015, the Corporate Debtor approached the Operational Creditor expressing interest in buying gems and gold ornaments. The Operational Creditor agreed to sell the goods as per order and requirement, following the usual business practice of raising invoices. On January 23, 2015, the Corporate Debtor purchased 4090.300 gms of 18 Carat Gold Ornaments for Rs. 94,69,044. The Operational Creditor

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## Issues and analysis

### Issue 1: Whether the application under Section 9 of the …

**Ratio:** Section 9(5)(a) of the IBC, 2016 requires the application to be complete for it to be

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**Reasoning:** The Adjudicating Authority must ensure that all necessary documents and information are

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**Interpretation:** Completeness of the application ensures that the Adjudicating Authority has all

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**Application:** In this case, the Adjudicating Authority implicitly found the application to be

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## Parties

- **Judges:** SHRI. P.S.N.…; SHRI. RAHUL…
- **Appellants:** Sanjay…
- **Respondents:** M/s. Ganga…

## Timeline

- **2015-01-01 — Corporate Debtor…**: The Corporate Debtor expressed interest in buying Gems and Gold Ornaments from the…
- **2015-01-23 — First Pur…**: Corporate Debtor purchased 4090.300 gms of 18 Carat Gold Ornaments for Rs. 94,69,044. Tax…

## 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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