# In the matter of Rudrasiva Infracon Private Limited CP (IB) No. 453 of 2019

> NCLT judgment dated 2022-05-31. Citation: TCN-2022-NCLT-02521. The application was filed under Section 9 of the Insolvency & Bankruptcy Code, 2016 by…

- **Court:** NCLT
- **Order date:** 31 May 2022
- **Citation:** TCN-2022-NCLT-02521
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/rudrasiva-infracon-private-limited-cp-ib-no-453-of-2019-5e3aee23

## Summary

### Background

The application was filed under Section 9 of the Insolvency & Bankruptcy Code, 2016 by Operational Creditor Panda Water Tech Pvt. Ltd. to initiate the Corporate Insolvency Resolution Process against Corporate Debtor Rudrasiva Infracon Pvt Ltd. for a default principal amount of Rs. 80,00,000/- and interest of Rs. 4,77,851/-, totaling Rs. 84,77,851/-. The Operational Creditor is in the business of dealing in water plant machines. The Corporate Debtor purchased plant and machineries from the Operational Creditor between 05.06.2018 to 29.03.2019. The Operational Creditor stated that it had a running account with the Corporate Debtor and had issued various invoices between 23.08.2018 to 15.02.2019. The Operational Creditor had received part payment of Rs. 5,46,85,000/-.

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## Facts

Panda Water Tech Pvt. Ltd. (Operational Creditor) filed an application under Section 9 of the Insolvency & Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Rudrasiva Infracon Pvt Ltd (Corporate Debtor). The claim was for a default of Rs. 80,00,000/- principal and Rs. 4,77,851/- interest, totaling Rs. 84,77,851/-. The Operational Creditor is in the business of dealing in water plant machines. The Corporate Debtor purchased plant and machineries from the Operational Creditor between 05.06.2018 and 29.03.2019. The Operational Creditor stated that it had a running account with the Corporate Debtor and had issued various invoices between 23.08.2018 and 15.02.2019. The Operational Creditor received part payment of Rs.

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## Issues and analysis

### Issue 1: Whether the application filed by the Operational Creditor under Section 9 of the Insolvency & …

**Ratio:** Section 9 of the IBC, 2016 allows an operational creditor to initiate CIRP against a

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**Reasoning:** The Adjudicating Authority determined that the application was defect-free and complied

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**Interpretation:** Section 9 provides the framework for operational creditors to trigger CIRP,

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**Application:** The Adjudicating Authority found the application to be compliant with Section

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## Parties

- **Judges:** Madan B.…; KAUSHALENDRA…
- **Appellants:** Panda Water Tech…
- **Respondents:** Rudrasiva…; Rudrasiva…

## Timeline

- **2018-06-05 — Purchase of Plant and…**: Corporate Debtor purchased plant and machineries from the Operational Creditor between…
- **2018-08-23 — Issuance of I…**: Operational Creditor issued various invoices to the Corporate Debtor between 23.08.2018…

## 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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