# In the matter of India Offset Printers Private Limited

> NCLT judgment dated 2024-09-11. Citation: TCN-2024-NCLT-00623. The case involves an application filed under Section 9 of the Insolvency and Bankruptcy Code,…

- **Court:** NCLT
- **Order date:** 11 Sept 2024
- **Citation:** TCN-2024-NCLT-00623
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/india-offset-printers-private-limited-a4d11fa7

## Summary

### Background

The case involves an application filed under Section 9 of the Insolvency and Bankruptcy Code, 2016, by M/s Silverline Graphics Private Limited (Operational Creditor) against M/s India Offset Printers Private Limited (Corporate Debtor) for initiation of the Corporate Insolvency Resolution Process (CIRP) due to unpaid operational debt. The Operational Creditor claimed a total amount of Rs. 2,41,15,076/-, including interest, with the date of default stated as 02.03.2022. The Corporate Debtor disputed the existence of the debt and raised various contentions, including pre-existing disputes and the applicability of Section 10A of the Code.

## Facts

M/s Silverline Graphics Private Limited (Operational Creditor) filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, against M/s India Offset Printers Private Limited (Corporate Debtor) for initiating CIRP. The Operational Creditor is engaged in the trading business of graphic consumables and supplied materials to the Corporate Debtor from February 2016 to November 2021. The Corporate Debtor approached the Operational Creditor for the purchase of printing and allied materials. The total amount claimed by the Operational Creditor is Rs. 2,41,15,076/-, including interest, with the date of default being 02.03.2022. The Corporate Debtor made part-payments from 2017 to 2022, with the last payment on 02.03.2022. The Operational Creditor issued a

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## Issues and analysis

### Issue 1: Whether there is an ‘Operational Debt' exceeding Rs. 1 Lakh (1 Crore, in case the petition is filed …

**Ratio:** Section 5(21) of the Insolvency and Bankruptcy Code, 2016 defines ‘Operational Debt' as a

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**Reasoning:** The Adjudicating Authority observed that the Operational Creditor was engaged in the

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**Interpretation:** The definition of 'Operational Debt' is interpreted to include debts arising

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**Application:** The Adjudicating Authority found that the debt claimed by the Operational

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## Parties

- **Judges:** MAHENDRA KHANDELWA…; Sanjeev R…
- **Appellants:** M/s Silverline…
- **Respondents:** M/S INDIA OFFSET…; Chitranshul…

## Timeline

- **2016-02-01 — Supply of Ma…**: The Operational Creditor started supplying materials/goods to the Corporate Debtor vide…
- **2021-11-01 — Cessation of…**: The Operational Creditor stopped supplying the material to the Corporate Debtor due to…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 5(21) — Definitions](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-5)

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