# In the matter of SAKRIYA TECHNOLOGIES PRIVATE LIMITED

> NCLT judgment dated 2025-03-27. Citation: TCN-2025-NCLT-00302. M/s Indo Spirits, the operational creditor, filed an application under Section 9 of the…

- **Court:** NCLT
- **Order date:** 27 Mar 2025
- **Citation:** TCN-2025-NCLT-00302
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/sakriya-technologies-private-limited-0fd2e02d

## Summary

### Background

M/s Indo Spirits, the operational creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s Sakriya Technologies Private Limited, the corporate debtor. The operational creditor claimed that the corporate debtor defaulted on a payment of Rs. 4,83,70,308/-, which includes the principal amount of Rs. 4,66,50,678/- and interest of Rs. 17,19,630/- calculated at 24% per annum. The corporate debtor was granted an L-7Z (retail) License by the Excise Department, Government of NCT of Delhi on 17.09.2021. The operational creditor was granted a L-1 (wholesale) License Holder by the Excise Department, Government of NCT of Delhi on 08.11.2021. The operational creditor

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## Facts

M/s Indo Spirits (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/s Sakriya Technologies Private Limited (Corporate Debtor). The Corporate Debtor was incorporated on 26.12.2013. The Operational Creditor was granted a L-1 (wholesale) License on 08.11.2021, while the Corporate Debtor was granted an L-7Z (retail) License on 17.09.2021. The Corporate Debtor regularly placed orders for alcoholic beverages, and the Operational Creditor supplied the goods. The last supply was made on 27-07-2022. The last payment was made on 26-07-2022 for Rs. 50,00,000/-. The parties reconciled their accounts, and the Corporate Debtor acknowledged pending dues of Rs.

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## Issues and analysis

### Issue 1: Whether the payment by cheque which is dishonoured amounts to acknowledgement of a debt and a …

**Ratio:** Issuance of cheques amounts to acknowledgment of debt and is a deemed acceptance of the

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**Reasoning:** The court relied on the Judgment passed by the Hon'ble Gujrat High Court in the matter of

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**Interpretation:** The issuance of a cheque is considered prima facie evidence of admitting a

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**Application:** In this case, the Corporate Debtor issued cheques to the Operational Creditor,

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## Parties

- **Judges:** MANNI SANKARIAH…; Sanjeev R…
- **Appellants:** M/s Indo S…
- **Respondents:** M/s SAKRIYA…

## Timeline

- **2021-09-17 — Corporate Debtor…**: The Corporate Debtor was granted an L-7Z (retail) License by the Excise Department,…
- **2021-11-08 — Operational Creditor…**: The Operational Creditor was granted a L-1 (wholesale) License Holder by the Excise…

## 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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