# In the matter of Reaselack Polymers Pvt.  Ltd. CP (IB) No. 762-9-HDB-2019

> NCLT judgment dated 2022-10-20. Citation: TCN-2022-NCLT-00657. The case involves an application filed under Section 9 of the Insolvency and Bankruptcy Code,…

- **Court:** NCLT
- **Order date:** 20 Oct 2022
- **Citation:** TCN-2022-NCLT-00657
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/reaselack-polymers-pvt-ltd-cp-ib-no-762-9-hdb-2019-57215359

## Summary

### Background

The case involves an application filed under Section 9 of the Insolvency and Bankruptcy Code, 2016 by Shivalik Industries against Reaselack Polymer Pvt. Ltd., seeking to initiate Corporate Insolvency Resolution Process (CIRP) and appoint an Interim Resolution Professional (IRP). The operational creditor, Shivalik Industries, claims that Reaselack Polymer Pvt. Ltd. failed to pay an outstanding amount of Rs.7,72,021/- for goods supplied.

## Facts

Shivalik Industries, an operational creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Reaselack Polymer Pvt. Ltd., a corporate debtor, due to non-payment of Rs.7,72,021/- for goods supplied. Shivalik Industries claimed that the corporate debtor approached them for purchasing goods, which were delivered and received without any dispute. Despite repeated requests and a demand notice served under Section 8 of the IBC, the corporate debtor failed to make the payment. The corporate debtor did not make any representation during the hearings. The Adjudicating Authority noted that the operational creditor had provided sufficient evidence to prove the existence of the operational debt and default. The matter was initially filed

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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 of the Insolvency and Bankruptcy Code, 2016 allows an operational creditor to

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**Reasoning:** The Adjudicating Authority considered the submissions made by the operational creditor

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

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**Application:** The Adjudicating Authority found that the operational creditor had met the

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## Parties

- **Judges:** DR.VENKATA…; Satya Ranjan…
- **Appellants:** Shivalik Polymers…
- **Respondents:** Reaselack…

## Timeline

- **2019-09-03 — Demand N…**: Applicant served a demand notice…
- **2019-11-22 — Matter F…**: The said matter was…

## 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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