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

> NCLT judgment dated 2022-12-22. Citation: TCN-2022-NCLT-00071. 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-00071
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/ganga-business-private-limited-ib-456-nd-2022-8378465e

## 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. On 23.01.2015, the Corporate Debtor purchased 4090.300 gms of 18 Carat Gold Ornaments for Rs. 94,69,044. The Operational Creditor raised Tax Invoice No. 8 dated

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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 requires that the application made under sub-section (2) is

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**Reasoning:** The Adjudicating Authority considered the documents and averments made in the application

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**Interpretation:** The completeness of the application is a prerequisite for its admission under

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**Application:** The application was deemed complete as it contained all the necessary details

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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…**: The Corporate Debtor purchased 4090.300 gms of…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 8 — Insolvency resolution by operational creditor](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-8)

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