# In the matter of Kalundre Metaliks Private Limited

> NCLT judgment dated 2023-08-04. Citation: TCN-2023-NCLT-02151. Prarthna Private Limited, the Operational Creditor, filed a Company Petition under Section 9 of…

- **Court:** NCLT
- **Order date:** 4 Aug 2023
- **Citation:** TCN-2023-NCLT-02151
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/kalundre-metaliks-private-limited-02bd8865

## Summary

### Background

Prarthna Private Limited, the Operational Creditor, filed a Company Petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Kalundre Metaliks Private Limited, the Corporate Debtor. The Operational Creditor claimed an operational debt of Rs. 43,09,32,250/-. The Corporate Debtor was involved in importing shipments of H.R. Coils. The Operational Creditor placed a purchase order with the Corporate Debtor and made full payment in advance. However, the Corporate Debtor failed to supply the materials and also failed to refund the payment.

## Facts

Prarthna Private Limited (Operational Creditor) filed a petition to initiate Corporate Insolvency Resolution Process (CIRP) against Kalundre Metaliks Private Limited (Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code, 2016. The Operational Creditor is involved in dealing with steel products. The Corporate Debtor is registered under the Companies Act, 1956 and is involved in importing shipments of H.R. Coils. The Operational Creditor placed a purchase order with the Corporate Debtor for H.R. coils amounting to Rs. 45,21,17,000/- and made full payment in advance via payment letters dated 12.10.2020, 21.12.2020, and 03.05.2021. Due to a downward trend in steel prices, the Corporate Debtor agreed to refund Rs. 1,88,15,000/-. However, the Corporate

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## Issues and analysis

### Issue 1: Whether the Operational Creditor has established the existence of an operational debt and default …

**Ratio:** The Insolvency and Bankruptcy Code, 2016 defines operational debt and outlines the

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**Reasoning:** The court found that the Operational Creditor had provided sufficient evidence, including

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**Interpretation:** The court interpreted the provisions of the IBC regarding operational debt and

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**Application:** In this case, the Operational Creditor demonstrated that the Corporate Debtor

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## Parties

- **Judges:** Kuldip Kumar…; ANURADHA SANJAY…
- **Appellants:** PRARTHNA PRIVATE…
- **Respondents:** KALUNDRE METALIKS…
- **Advocates:** Dweep J…

## Timeline

- **2020-09-25 — Purchase…**: Operational Creditor placed a purchase order…
- **2020-10-12 — Payment…**: Operational Creditor made a…

## 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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