# In the matter of Matrushree Export Pvt. Ltd. CP (IB) No.1126-MB-IV-2020

> NCLT judgment dated 2023-02-03. Citation: TCN-2023-NCLT-04804. The financial creditor, AJS Impex Private Limited, filed an application under section 9 of the…

- **Court:** NCLT
- **Order date:** 3 Feb 2023
- **Citation:** TCN-2023-NCLT-04804
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/matrushree-export-pvt-ltd-cp-ib-no1126-mb-iv-2020-c64e262a

## Summary

### Background

The financial creditor, AJS Impex Private Limited, filed an application under section 9 of the Insolvency & Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Matrushree Export Pvt Ltd, the corporate debtor, due to unpaid dues for supplied goods.

## Facts

AJS Impex Private Limited, the financial creditor, filed an application, CP (IB) No. 1126/MB-IV/2020, under section 9 of the Insolvency & Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against Matrushree Export Pvt Ltd, the corporate debtor. The application was filed by Mr. Ganesh B. Pawar, Manager of the operational creditor, who was authorized by a Board Resolution dated February 10, 2020. The total outstanding amount claimed by the operational creditor is Rs. 4,77,75,052/-, comprising a principal amount of Rs. 3,87,32,038/- and an interest amount of Rs. 90,41,014/-. The date of default, as per the summary of invoices, is February 1, 2019. The petition was filed on May 26, 2020, which is within the three-year

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## Issues and analysis

### Issue 1: Whether the application filed by the operational creditor for initiating CIRP against the corporate …

**Ratio:** An application for CIRP under section 9 of the IBC is admissible when there is a clear

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**Reasoning:** The NCLT found that the operational creditor supplied goods, the corporate debtor failed

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**Interpretation:** The NCLT interpreted section 9 of the IBC to mean that if the conditions for

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**Application:** Given the established default, the complete application, and the corporate

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## Parties

- **Judges:** Prabhat…; KISHORE VEMULAPALL…
- **Appellants:** AJS Impex Private…
- **Respondents:** Matrushree Export…
- **Advocates:** For the Petitioner…; For the Respondent…

## Timeline

- **February 1, 2019 — Date of D…**: The date of default as per…
- **January 30, 2019 — Invoices…**: Operational Creditor raised seven invoices upon the Corporate Debtor for supplied steel…

## 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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