# In the matter of Optus Laminates Private Limited

> NCLT judgment dated 2024-01-25. Citation: TCN-2024-NCLT-02906. The case involves an application filed by Yug International Private Limited (Operational…

- **Court:** NCLT
- **Order date:** 25 Jan 2024
- **Citation:** TCN-2024-NCLT-02906
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/optus-laminates-private-limited-73477bc3

## Summary

### Background

The case involves an application filed by Yug International Private Limited (Operational Creditor) against Optus Laminates Private Limited (Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of the Corporate Insolvency Resolution Process (CIRP) due to default in payment of outstanding dues amounting to Rs. 1,49,74,385/-. The Applicant claimed to be a regular supplier of chemical products to the Respondent, with both parties maintaining a running account for their transactions. The Respondent had made payments periodically through various means. After the Respondent failed to make payment of Rs. 99,18,717/-, the Applicant issued a demand notice. Subsequently, the Respondent made a partial payment and issued post-dated

…

## Facts

Yug International Private Limited (Applicant) supplied chemical products to Optus Laminates Private Limited (Respondent) and maintained a running account. As of 01.04.2017, the Respondent's opening balance was Rs.1,71,16,856/-. Transactions between 01.04.2017 and 31.03.2018 resulted in a total payable amount of Rs.4,06,52,207/-, against which the Respondent paid Rs.2,81,69,090/-. The Respondent confirmed accounts showing Rs.1,24,83,117/- outstanding as of 01.04.2018. Additional business worth Rs.1,86,01,846/- occurred between 01.04.2018 and 01.03.2019, with the Respondent paying Rs.2,11,66,246/-. Another confirmation showed Rs.99,18,717/- payable as of 01.03.2019. The Respondent failed to pay Rs.99,18,717/-, leading the Applicant to issue a demand notice on 03.04.2019

…

## Issues and analysis

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

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

…

**Reasoning:** The court observed that the Applicant had supplied chemical products to the Respondent

…

**Interpretation:** Section 9 provides a mechanism for operational creditors to recover their dues

…

**Application:** The court found that the Applicant had established the existence of debt and

…

## Parties

- **Judges:** SHAMMI…; SAMEER…
- **Appellants:** Yug International…
- **Respondents:** Optus Laminates…; Optus Laminates…
- **Advocates:** Megha…; Aditi S…; +2 more

## Timeline

- **2019-04-03 — Demand Notice…**: Applicant issued demand notice to…
- **2019-04-17 — Partial P…**: Respondent made a…

## 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/optus-laminates-private-limited-73477bc3