# In the matter of Isinox Limited

> NCLT judgment dated 2024-07-18. Citation: TCN-2024-NCLT-00988. The case involves an application filed by Gauder & Co. S.A. (Operational Creditor) under…

- **Court:** NCLT
- **Order date:** 18 Jul 2024
- **Citation:** TCN-2024-NCLT-00988
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/isinox-limited-c457e1c3

## Summary

### Background

The case involves an application filed by Gauder & Co. S.A. (Operational Creditor) under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Isinox Limited (Corporate Debtor). The Operational Creditor, a Belgian company, claimed that the Corporate Debtor defaulted on payments for machinery supplied under a contract dated 04.11.2015. The Corporate Debtor initially made payments but later defaulted, leading to the issuance of a demand notice and subsequent application for CIRP.

## Facts

Gauder & Co. S.A. (Operational Creditor), a Belgian company, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Isinox Limited (Corporate Debtor). A contract dated 04.11.2015 was entered into between Gaudery Immo S.A. (later replaced by Gauder & Co. S.A.) and Isinox Limited for the supply of cable manufacturing equipment. An invoice was raised on 24.11.2015, and the equipment was delivered on 03.12.2015. The Corporate Debtor was to make payments in installments. The Corporate Debtor made initial payments but defaulted on installments from 28.02.2019. The total outstanding amount was EUR 142,045.86 excluding interest. Gaudery Immo S.A. transferred its rights and

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## Issues and analysis

### Issue 1: Whether the application was filed by a person …

**Ratio:** Under Belgian law, a company can nominate a permanent representative to represent it in

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**Reasoning:** The NCLT observed that Mr. Thierry Collard signed the application in his capacity as CEO.

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**Interpretation:** The NCLT interpreted that the authorization provided by the Board Resolution

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**Application:** The NCLT applied the Belgian law and the provided evidence to conclude that Mr.

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## Parties

- **Judges:** K. R. SAJI…; SANJIV…
- **Respondents:** ISINOX LI…
- **Advocates:** Vinodini Srinivasa…; Sushant K…

## Timeline

- **2015-11-04 — Contract…**: Contract between Gaudery Immo S.A. and Isinox Limited for supply of cable manufacturing…
- **2015-11-24 — Invoice…**: Invoice raised on the Corporate…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 8 — Insolvency resolution by operational creditor](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-8)

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