# In the matter of Max Granito Private Limited C.P. (I.B.) No.819-NCLT-AHM-2019

> NCLT judgment dated 2022-09-20. Citation: TCN-2022-NCLT-00993. The case involves an application filed by Bhadreshwar Vidhyut Private Limited (Operational…

- **Court:** NCLT
- **Order date:** 20 Sept 2022
- **Citation:** TCN-2022-NCLT-00993
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/max-granito-private-limited-cp-ib-no819-nclt-ahm-2019-6c528e27

## Summary

### Background

The case involves an application filed by Bhadreshwar Vidhyut Private Limited (Operational Creditor) under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Max Granito Private Limited (Corporate Debtor) for an outstanding amount of Rs. 64,51,107, comprising principal and late payment surcharge. The Operational Creditor supplied electricity to the Corporate Debtor based on an agreement dated 31.03.2015, but the Corporate Debtor allegedly failed to pay the outstanding amount despite repeated requests. The Corporate Debtor contended that there was no amount due, the claim was barred by limitation, and excess payment was made.

## Facts

Bhadreshwar Vidyut Private Limited (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Max Granito Private Limited (Corporate Debtor). The application was filed on 15.11.2019. The Operational Creditor claimed an outstanding amount of Rs. 64,51,107, including principal (Rs. 23,73,190) and late payment surcharge (Rs. 40,77,917). An agreement dated 31.03.2015 was executed between the parties for the supply of 1.09 MW electricity. The Operational Creditor supplied electricity from April to June 2015 and raised invoices. The Corporate Debtor made payments on an ad hoc basis, leaving the claimed amount outstanding. The Operational Creditor issued a demand

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## Issues and analysis

### Issue 1: Whether the application under Section 9 of the Insolvency and Bankruptcy Code, 2016, is …

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

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**Reasoning:** The Adjudicating Authority found that the application was complete as per Section 9(5) of

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

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**Application:** The Adjudicating Authority determined that the Operational Creditor's

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## Parties

- **Judges:** Madan B.…; KAUSHALENDRA…
- **Appellants:** Bhadreshwar…
- **Respondents:** Max Granito…; Max Granito Pvt…

## Timeline

- **2015-03-31 — Agreement…**: Agreement executed between Bhadreshwar Vidyut Private Limited and Max Granito Private…
- **2015-04-01 — Electricity Supply…**: Bhadreshwar Vidyut Private Limited supplied electricity to Max Granito Private Limited…

## 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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