# In the matter of Jiva Steels Private Limited CP (IB) No. 99-9-HDB-2023

> NCLT judgment dated 2023-06-23. Citation: TCN-2023-NCLT-02828. M/s G.S. Agencies, an operational creditor, filed a petition under Section 9 of the Insolvency…

- **Court:** NCLT
- **Order date:** 23 Jun 2023
- **Citation:** TCN-2023-NCLT-02828
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/jiva-steels-private-limited-cp-ib-no-99-9-hdb-2023-4760e9ef

## Summary

### Background

M/s G.S. Agencies, an operational creditor, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against M/s Jiva Steels Private Limited, the corporate debtor, due to default in payment of an alleged debt of Rs. 1,12,74,435/-. The operational creditor claimed that the corporate debtor had approached them for the supply of various products and though payments were initially regular, they became irregular since 2021.

## Facts

M/s G.S. Agencies, an operational creditor, filed a petition against M/s Jiva Steels Private Limited, a corporate debtor, under Section 9 of the Insolvency and Bankruptcy Code, 2016. The operational creditor claimed that the corporate debtor defaulted in payment of Rs. 1,12,74,435/- for the supply of materials. The corporate debtor had approached the operational creditor for the supply of various products. Initially, payments were made regularly, but they became irregular since 2021. The operational creditor issued a demand notice on 13.02.2023, which was served on the corporate debtor on 17.02.2023. The corporate debtor neither raised a dispute nor made any payment. The operational creditor also submitted a certificate from its bank confirming that there had been no

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## Issues and analysis

### Issue 1: Whether the petition filed by the Operational Creditor under Section 9 of the Insolvency and …

**Ratio:** Section 9 of the Insolvency and Bankruptcy Code, 2016 allows an operational creditor to

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**Reasoning:** The Adjudicating Authority considered the averments made in the petition, the documents

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**Interpretation:** Section 9 provides the mechanism for operational creditors to initiate CIRP

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**Application:** The operational creditor, M/s G.S. Agencies, filed the petition under Section

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## Parties

- **Judges:** Venkata Ramakrishn…; SH. CHARAN…
- **Appellants:** G S Age…
- **Respondents:** Jiva Steels…

## Timeline

- **2021-01-01 — Payments Become…**: Payments from the Corporate Debtor to the…
- **2022-12-07 — Operational Creditor…**: The Operational Creditor sends emails to the Corporate Debtor on 07.12.2022, 13.12.2022,…

## 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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