# In the matter of Jans Copper Private Limited CP (IB) No.3138-MB-IV-2019

> NCLT judgment dated 2023-02-24. Citation: TCN-2023-NCLT-04476. The case involves a petition filed by JMC Metals Private Limited, the Operational Creditor,…

- **Court:** NCLT
- **Order date:** 24 Feb 2023
- **Citation:** TCN-2023-NCLT-04476
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/jans-copper-private-limited-cp-ib-no3138-mb-iv-2019-bc632704

## Summary

### Background

The case involves a petition filed by JMC Metals Private Limited, the Operational Creditor, under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against Jans Copper Private Limited, the Corporate Debtor. The petition was filed on 20.08.2019, claiming a total amount of Rs. 2,13,93,104, comprising Rs. 2,02,14,140 towards principal and Rs. 11,78,964 towards interest till 30.06.2019. The Operational Creditor claimed that the Corporate Debtor defaulted in remitting the amount, and the Part IV of Form 5 specifies the date of default. The Operational Creditor supplied Copper Rod to the Corporate Debtor, purchased from M/s. S.R Metals, Colombo, and raised Commercial Invoices. The Corporate Debtor

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## Facts

JMC Metals Private Limited (Operational Creditor) filed a petition under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016, against Jans Copper Private Limited (Corporate Debtor) seeking initiation of Corporate Insolvency Resolution Process (CIRP). The petition was filed on 20.08.2019, claiming Rs. 2,13,93,104, including principal (Rs. 2,02,14,140) and interest (Rs. 11,78,964) till 30.06.2019. The Operational Creditor supplied Copper Rod to the Corporate Debtor based on commercial invoices issued on 26.05.2018, 07.09.2018, and 23.12.2018. The amount claimed also included Rs. 11,78,964 due under Invoice No ST/1819/0000810 dated 08.03.2019. The Corporate Debtor issued cheques totaling Rs. 1,60,00,000 between 01.04.2019 and 05.06.2019, which were dishonored due

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## Issues and analysis

### Issue 1: Whether the petition filed by the Operational Creditor under Section 9 of the IBC, 2016, for …

**Ratio:** Section 9 of the IBC allows an operational creditor to initiate CIRP against a corporate

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**Reasoning:** The court found that the Operational Creditor had demonstrated the existence of a debt

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**Interpretation:** Section 9 provides a mechanism for operational creditors to recover their dues

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**Application:** The court applied Section 9 to the facts of the case, finding that the

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## Parties

- **Judges:** Prabhat…; KISHORE VEMULAPALL…
- **Appellants:** M/s. JMC METALS…
- **Respondents:** M/s. JANS COPPER…
- **Advocates:** Kalyani G.…; Ami J…; +1 more

## Timeline

- **2018-05-26 — Supply of Cop…**: Operational Creditor supplied…
- **2018-09-07 — Supply of Cop…**: Operational Creditor supplied…

## 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)

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