# In the matter of Meghna Shree Petrochem Private Ltd. COMPANY APPLICATION No. CP (IB) 116-NCLT-AHM-2020

> NCLT judgment dated 2022-04-04. Citation: TCN-2022-NCLT-03416. The case pertains to an application filed by Hindprakash Tradelink Private Ltd. (Operational…

- **Court:** NCLT
- **Order date:** 4 Apr 2022
- **Citation:** TCN-2022-NCLT-03416
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/meghna-shree-petrochem-private-ltd-company-application-no-cp-ib-116-nclt-ahm-202-a9719f7a

## Summary

### Background

The case pertains to an application filed by Hindprakash Tradelink Private Ltd. (Operational Creditor) under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of the Corporate Insolvency Resolution Process (CIRP) against Meghna Shree Petrochem Private Ltd. (Corporate Debtor). The operational creditor claimed that the corporate debtor defaulted on payments for goods supplied, leading to outstanding dues.

## Facts

Hindprakash Tradelink Private Ltd. (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Meghna Shree Petrochem Private Ltd. (Corporate Debtor). The operational creditor supplied N-Butylacrylate and Vinyl Acetate Monomer to the corporate debtor based on an order dated 2019-06-28, and raised invoices dated 2019-06-29 and 2019-07-04. The corporate debtor did not raise any dispute regarding the quality or quantity of the goods. As per the terms, payment was due after a 70-day credit period. The corporate debtor failed to make timely payments and issued two cheques for Rs. 15,40,000/- (dated 2019-09-11) and Rs. 21,56,893 (dated 2019-09-06), which were

…

## Issues and analysis

### Issue 1: Whether the application filed by the operational creditor under Section 9 of the Insolvency and …

**Ratio:** Section 9(5) of the IB Code, 2016 allows for the admission of an application if it is

…

**Reasoning:** The NCLT found that the application was complete and the applicant was entitled to claim

…

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

…

**Application:** The NCLT determined that the application met the requirements of Section 9, as

…

## Parties

- **Judges:** DEEPTI M…; Ajai Das Me…
- **Appellants:** Hindprakash…
- **Respondents:** Meghna Shree…

## Timeline

- **2019-06-28 — Order Da…**: Corporate debtor placed an order for…
- **2019-06-29 — Invoice…**: Applicant raised invoices…

## 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)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/meghna-shree-petrochem-private-ltd-company-application-no-cp-ib-116-nclt-ahm-202-a9719f7a