# In the matter of Hanson Petro Private Limited CP (IB) No. 277-Chd-Pb-2019

> NCLT judgment dated 2023-04-20. Citation: TCN-2023-NCLT-03706. M/s Vijay Paints & Chemicals, an operational creditor, filed a petition under Section 9 of the…

- **Court:** NCLT
- **Order date:** 20 Apr 2023
- **Citation:** TCN-2023-NCLT-03706
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/hanson-petro-private-limited-cp-ib-no-277-chd-pb-2019-5944f34d

## Summary

### Background

M/s Vijay Paints & Chemicals, an operational creditor, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s Hanson Petro Private Limited, the corporate debtor, due to an unpaid operational debt. The operational creditor claimed a default of Rs. 7,91,121/- arising from the supply of Ethyl Acetate to the corporate debtor between 16.03.2018 and 08.09.2018. The corporate debtor contended that the supplied chemical was of poor quality, leading to losses, and that litigation was pending in the Commercial Court regarding the same. The Adjudicating Authority examined whether the demand notice was properly served, whether the debt was disputed, and whether the application was

…

## Facts

M/s Vijay Paints & Chemicals (Operational Creditor) filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, against M/s Hanson Petro Private Limited (Corporate Debtor) for an unpaid operational debt of Rs. 7,91,121/-. The debt arose from the supply of Ethyl Acetate by the Operational Creditor to the Corporate Debtor between 16.03.2018 and 08.09.2018. The Corporate Debtor made payments via electronic transfer or cheques against raised invoices, but no payment was received for the goods delivered during the specified period. The default occurred on 16.03.2018, when the first invoice (No. B155) was issued for Rs. 88,560/-. The Operational Creditor issued a demand notice dated 22.03.2019, which was duly served on the Corporate Debtor. The

…

## Issues and analysis

### Issue 1: Whether the demand notice in Form 3 & …

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

…

**Reasoning:** The court noted that the demand notice was issued by the operational creditor via

…

**Interpretation:** The legal principle is that a demand notice is considered properly served if it

…

**Application:** In this case, the court found that the demand notice was duly served because

…

## Parties

- **Judges:** Harnam Singh…; SUBRATA KUM…
- **Appellants:** M/s Vijay Paints…
- **Respondents:** M/s Hanson Petro…

## Timeline

- **1999-04-26 — Incorporation of…**: M/s Hanson Petro Private Limited was…
- **2018-03-16 — Date of First…**: First invoice No. B155 was issued for Rs.…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 14 — Moratorium](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-14)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/hanson-petro-private-limited-cp-ib-no-277-chd-pb-2019-5944f34d