# In the matter of MIKU Polymers & Plastics Ltd.

> NCLT judgment dated 2023-07-11. Citation: TCN-2023-NCLT-02571. The application was filed on 2022-07-04 under Section 9 of the Insolvency and Bankruptcy Code,…

- **Court:** NCLT
- **Order date:** 11 Jul 2023
- **Citation:** TCN-2023-NCLT-02571
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/miku-polymers-plastics-ltd-682121c5

## Summary

### Background

The application was filed on 2022-07-04 under Section 9 of the Insolvency and Bankruptcy Code, 2016 by Lubrizol Advanced Materials, INC., Brecksville USA, the Applicant/Operational Creditor, to initiate the Corporate Insolvency Resolution Process (CIRP) against MIKU Polymers & Plastics Ltd., the Respondent/Corporate Debtor. The application was based on the ground that the Respondent/Corporate Debtor defaulted in paying the operational debt of Rs.1,80,52,062.33 due and payable as on 2022-04-25. The Respondent/Corporate Debtor was incorporated on 2019-03-01 under the Companies Act, 2013.

## Facts

Lubrizol Advanced Materials, INC., Brecksville USA (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against MIKU Polymers & Plastics Ltd. (Corporate Debtor). The application was based on the Corporate Debtor's default in paying an operational debt of Rs.1,80,52,062.33, which was due as of 2022-04-25. The Corporate Debtor was incorporated on 2019-03-01. A Distributorship Agreement existed between the parties, dated 2019-07-15. The Corporate Debtor placed purchase orders in 2021, and goods were supplied and accepted. The Corporate Debtor also had business dealings with other Lubrizol entities. The Corporate Debtor defaulted on payments, despite

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## Issues and analysis

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

**Ratio:** Section 9(5)(i) of the IBC, 2016 allows for the admission of an application if the

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**Reasoning:** The Adjudicating Authority found that the Applicant/Operational Creditor had established

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**Interpretation:** Section 9 of the IBC provides the procedure for an operational creditor to

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**Application:** The Adjudicating Authority applied Section 9(5)(i) of the IBC, 2016 to the

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## Parties

- **Judges:** SHAMMI…; Ajai Das Me…
- **Appellants:** Lubrizol Advanced…
- **Respondents:** MIKU Polymers &…

## Timeline

- **2019-07-15 — Distributorship…**: Execution of Distributorship Agreement between Applicant/Operational Creditor and…
- **2021-01-01 — Purchase…**: Respondent/Corporate Debtor placed Purchase…

## 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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