# In the matter of Nandi Irrigation Systems Limited

> NCLT judgment dated 2024-09-18. Citation: TCN-2024-NCLT-00586. The case involves an application filed under Section 9 of the Insolvency and Bankruptcy Code…

- **Court:** NCLT
- **Order date:** 18 Sept 2024
- **Citation:** TCN-2024-NCLT-00586
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/nandi-irrigation-systems-limited-6e992f40

## Summary

### Background

The case involves an application filed under Section 9 of the Insolvency and Bankruptcy Code (IBC) by Rishabh TriExim LLP, the Operational Creditor (OC), to initiate Corporate Insolvency Resolution Process (CIRP) against Nandi Irrigation Systems Limited, the Corporate Debtor (CD). The OC claims that the CD defaulted on a debt of Rs 11,32,41,629, due as of 30.11.2022, with an additional claim of Rs 46,66,605 as interest. The debt arose from the supply of PVC Resin between 01.04.2022 and 19.11.2022, totaling Rs 45,91,09,759. Including an opening balance, the total payable amount was Rs 578,266,506, of which Rs 46,50,24,877 was paid, leaving the outstanding balance. The CD acknowledged the debt in a WhatsApp message dated 28.10.2022. A meeting was held on 13.10.2022 to

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## Facts

Rishabh TriExim LLP (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code (IBC) to initiate Corporate Insolvency Resolution Process (CIRP) against Nandi Irrigation Systems Limited (Corporate Debtor). The Operational Creditor claimed that the Corporate Debtor defaulted on a debt of Rs 11,32,41,629, which was due as of 30.11.2022, with an additional claim of Rs 46,66,605 as interest. The debt arose from the supply of PVC Resin between 01.04.2022 and 19.11.2022, totaling Rs 45,91,09,759. Including an opening balance of Rs 11,91,56,747, the total payable amount was Rs 578,266,506, of which Rs 46,50,24,877 was paid, leaving the outstanding balance. The Corporate Debtor acknowledged the debt in a WhatsApp message dated 28.10.2022.

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor defaulted on a debt of Rs …

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

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**Reasoning:** The court found that the Corporate Debtor acknowledged the debt in a WhatsApp message and

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**Interpretation:** The court interpreted Section 9 of the IBC to mean that if there is evidence of

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**Application:** The court applied the ratio to the facts of the case and found that the

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## Parties

- **Judges:** Rajeev Bh…; Sanjay…
- **Appellants:** Rishabh Triexim…
- **Respondents:** Nandi Irrigation…
- **Advocates:** Amir Ba…; Gopala Kr…

## Timeline

- **2022-10-28 — WhatsApp M…**: Corporate Debtor acknowledged…
- **2022-10-13 — Meeting…**: A meeting was held to…

## 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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