# In the matter of Ind-Barath Energies (Maharashtra) Ltd. CP (IB) No. 377-9-HDB-2019

> NCLT judgment dated 2022-05-13. Citation: TCN-2022-NCLT-02755. The case involves an application filed by M/s Rangrao Baburao Gaikwad, the Operational…

- **Court:** NCLT
- **Order date:** 13 May 2022
- **Citation:** TCN-2022-NCLT-02755
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/ind-barath-energies-maharashtra-ltd-cp-ib-no-377-9-hdb-2019-18cb04e2

## Summary

### Background

The case involves an application filed by M/s Rangrao Baburao Gaikwad, the Operational Creditor, against M/s Ind Barath Energies (Maharashtra) Ltd, the Corporate Debtor, under Section 9 of the Insolvency & Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP). The Operational Creditor alleges that the Corporate Debtor defaulted in payment of an operational debt amounting to Rs. 56,55,158/- for the supply of rice husk. The Corporate Debtor denies the debt and claims there is no direct relationship between them and the Operational Creditor.

## Facts

Rangrao Baburao Gaikwad, the Operational Creditor, filed an application against Ind Barath Energies (Maharashtra) Ltd, the Corporate Debtor, under Section 9 of the Insolvency and Bankruptcy Code, 2016. The Operational Creditor claimed a default of Rs. 56,55,158/- for the supply of rice husk. The Operational Creditor is a designated partner in RSP Energy LLP. RSP Energy LLP and Ind Barath Power Infra Limited entered into a Memorandum of Understanding (MoU) dated 03.11.2016. Clause 1(b) of the MoU required RSP Energy LLP to provide fuel on stated terms. The Operational Creditor supplied rice husk to the Corporate Debtor on 22.02.2017, 28.02.2017, and 31.03.2017. A demand notice was issued on 24.10.2018. The Corporate Debtor denied the debt, claiming no direct

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## Issues and analysis

### Issue 1: Whether there is an operational debt as claimed by the applicant is due and payable by the …

**Ratio:** An operational debt exists when there is a claim in respect of the provision of goods or

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**Reasoning:** The Tribunal considered the invoices, the MoU, and the Corporate Debtor's tax returns.

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**Interpretation:** The Tribunal interpreted the evidence to show that the Corporate Debtor had

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**Application:** The Tribunal applied the ratio to the facts and found that the Operational

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## Parties

- **Judges:** Venkata Ramakrishn…; Veera Brahma Rao…
- **Appellants:** Rangrao Baburao…
- **Respondents:** Ind Barath…

## Timeline

- **2016-11-03 — MoU Exec…**: RSP Energy LLP and Ind Barath Power Infra Limited entered into a Memorandum of…
- **2017-02-22 — Supply of Ri…**: Operational Creditor supplied rice…

## Legal provisions

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

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