# In the matter of G.R. Cables Limited CP (IB) No. 165-9-HDB-2020

> NCLT judgment dated 2022-03-08. Citation: TCN-2022-NCLT-03841. The case originates from a petition filed by Techno Craft, an operational creditor, against…

- **Court:** NCLT
- **Order date:** 8 Mar 2022
- **Citation:** TCN-2022-NCLT-03841
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/gr-cables-limited-cp-ib-no-165-9-hdb-2020-034a25cd

## Summary

### Background

The case originates from a petition filed by Techno Craft, an operational creditor, against G.R. Cables Ltd, the corporate debtor, under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016. Techno Craft claimed an amount of Rs. 25,00,264/- towards the supply of bulk material handling equipment to G.R. Cables during the financial year 2016-17. The operational creditor issued a demand notice to the corporate debtor on 24.01.2020, but the corporate debtor failed to pay the outstanding amount. Initially, the corporate debtor was set ex parte on 15.03.2021. The Tribunal directed the Corporate Debtor to file an application under Rule 49 of the NCLT Rules along with counter. Despite reminders, the corporate debtor failed to reply and pay the outstanding amount.

## Facts

Techno Craft, the operational creditor, filed a petition against G.R. Cables Ltd, the corporate debtor, under Section 9 of the IBC, 2016, claiming Rs. 25,00,264/- for the supply of bulk material handling equipment in FY 2016-17. A demand notice was issued on 24.01.2020. G.R. Cables was initially set ex parte on 15.03.2021. The Corporate Debtor admitted the debt in an order dated 09.12.2021. The operational creditor provided ledger statements and bank account details as evidence. The claim amount exceeded Rs. 1 lac, and the application was filed before 24.03.2020. The Corporate Debtor is in the business of supply Bulk Material Handling Equipments, Wire Drawing Machines and spares, fabrication and machining, etc. The Operational Creditor is in the business of supply Bulk

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## Issues and analysis

### Issue 1: Whether the petition filed by the operational creditor, Techno Craft, against the corporate debtor, …

**Ratio:** Section 9 of the IBC, 2016, allows an operational creditor to initiate CIRP against a

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**Reasoning:** The court considered that the operational creditor had provided sufficient evidence to

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

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**Application:** The court applied the provisions of Section 9 of the IBC, 2016, and Rule 6 of

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## Parties

- **Judges:** Venkata Ramakrishn…; SH. VEERA BRAHMA…
- **Appellants:** Techno…
- **Respondents:** G.R. Cabl…
- **Advocates:** M. Parameshwara…; M. A…; +3 more

## Timeline

- **2016-01-01 — Supply of Equ…**: Techno Craft supplied bulk material handling equipment to G.R. Cables Ltd during FY…
- **2020-01-24 — Demand Notice…**: Techno Craft issued a demand notice in Form-3 to G.R. Cables Ltd for the outstanding…

## 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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