# In the matter of Jagson International Limited

> NCLT judgment dated 2024-01-09. Citation: TCN-2024-NCLT-03240. The case involves an application filed by Neptunus Power Plant Services Pvt. Ltd. (Operational…

- **Court:** NCLT
- **Order date:** 9 Jan 2024
- **Citation:** TCN-2024-NCLT-03240
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/jagson-international-limited-61cd15fa

## Summary

### Background

The case involves an application filed by Neptunus Power Plant Services Pvt. Ltd. (Operational Creditor) under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Jagson International Limited (Corporate Debtor). The Operational Creditor claimed that the Corporate Debtor defaulted on payments amounting to Rs. 1,32,99,727.58/- along with interest. The Corporate Debtor contested the application, citing pre-existing disputes, the application being below the statutory limit, and the application being time-barred.

## Facts

Neptunus Power Plant Services Pvt. Ltd. (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Jagson International Limited (Corporate Debtor). The Operational Creditor claimed a default of Rs. 1,32,99,727.58/- including interest. The Corporate Debtor purchased Caterpillar engine parts and engaged services from the Operational Creditor. The Operational Creditor raised invoices for sales and services. The Corporate Debtor acknowledged a liability of Rs. 40,93,166/- in an acknowledgment letter dated 29.08.2018. The Operational Creditor sent demand notices on 03.01.2020 and 24.01.2020 for outstanding debts since 2015 amounting to Rs. 87,67,953.55 including

…

## Issues and analysis

### Issue 1: Whether a pre-existing dispute existed between the Operational Creditor and the Corporate Debtor …

**Ratio:** The existence of a 'dispute' prior to the issuance of a demand notice under Section 8 of

…

**Reasoning:** The court examined emails exchanged between the parties prior to the demand notice, which

…

**Interpretation:** The court interpreted the emails as evidence of a genuine dispute regarding the

…

**Application:** The court applied the ratio to the facts of the case, concluding that the

…

## Parties

- **Judges:** BACHU VENKAT…; ATUL CHAT…
- **Appellants:** M/s. NEPTUNUS…
- **Respondents:** M/s. JAGSON…

## Timeline

- **1996-06-24 — Incorporation of…**: M/s. Neptunus Power Plant Services Private Limited was incorporated under the Companies…
- **1988-08-23 — Incorporation of…**: M/s. Jagson International Limited was…

## 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)

---

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/jagson-international-limited-61cd15fa