# In the matter of GRID Industries Private Limited CP (IB) No.611-Chd-Hry-2019

> NCLT judgment dated 2023-03-06. Citation: TCN-2023-NCLT-04312. The petition was filed under Section 9 of the Insolvency and Bankruptcy Code, 2016, by Metenere…

- **Court:** NCLT
- **Order date:** 6 Mar 2023
- **Citation:** TCN-2023-NCLT-04312
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/grid-industries-private-limited-cp-ib-no611-chd-hry-2019-ae868f93

## Summary

### Background

The petition was filed under Section 9 of the Insolvency and Bankruptcy Code, 2016, by Metenere Limited, an operational creditor, against GRID Industries Private Limited, the corporate debtor, seeking to initiate Corporate Insolvency Resolution Process (CIRP). The operational creditor claimed that the corporate debtor defaulted on payments for goods supplied, leading to an outstanding debt. The corporate debtor was proceeded against ex parte due to their non-appearance and failure to file a reply.

## Facts

Metenere Limited, the operational creditor, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, against GRID Industries Private Limited, the corporate debtor, to initiate the Corporate Insolvency Resolution Process (CIRP). GRID Industries Private Limited was incorporated on 07.03.2013. The operational creditor claimed that the corporate debtor defaulted on payments for goods supplied. The outstanding balance was Rs.46,00,13,702.82/-. The corporate debtor failed to clear the outstanding amount since 08.03.2017. A demand notice dated 31.05.2019 was issued by the operational creditor and served to the corporate debtor. The corporate debtor did not reply to the demand notice. The petition was filed on 15.10.2019. The corporate debtor was proceeded

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## Issues and analysis

### Issue 1: Whether the demand notice dated …

**Ratio:** A demand notice is considered duly served if it is delivered to the corporate debtor and

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**Reasoning:** The court noted that the demand notice was served upon the respondent-corporate debtor,

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**Interpretation:** The legal principle is that service of a demand notice is a prerequisite for

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**Application:** In this case, the demand notice was served, and the corporate debtor did not

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## Parties

- **Judges:** Harnam Singh…; SUBRATA KUM…
- **Appellants:** Metenere L…
- **Respondents:** GRID Industries…

## Timeline

- **2013-03-07 — Incorporation of…**: GRID Industries Private…
- **2017-03-08 — Date of D…**: The corporate debtor failed to clear the…

## 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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