# In the matter of Salasar Exteriors and Contour Limited

> NCLT judgment dated 2024-01-11. Citation: TCN-2024-NCLT-03186. The case involves a Company Petition filed by Classic RMC & Aggregates India Private Limited…

- **Court:** NCLT
- **Order date:** 11 Jan 2024
- **Citation:** TCN-2024-NCLT-03186
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/salasar-exteriors-and-contour-limited-abe445c4

## Summary

### Background

The case involves a Company Petition filed by Classic RMC & Aggregates India Private Limited (Operational Creditor) under Section 9 of the Insolvency & Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against Salasar Exteriors and Contour Limited (Corporate Debtor). The Operational Creditor claimed a default of Rs.17,67,891/- comprising principal and interest for the supply of ready-mix concrete and pumping services in 2014-2015. The Corporate Debtor acknowledged the invoices but alleged discrepancies in rates compared to the purchase order, claiming a pre-existing dispute.

## Facts

Classic RMC & Aggregates India Private Limited (Operational Creditor) filed a petition against Salasar Exteriors and Contour Limited (Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code, 2016. The Operational Creditor claimed that the Corporate Debtor defaulted on payments amounting to Rs. 17,67,891, which included the principal amount of Rs. 9,85,714 and interest of Rs. 7,82,177 at 18% p.a. The Operational Creditor supplied ready-mix concrete and pumping services to the Corporate Debtor in 2014-2015. The Corporate Debtor made part payments but failed to pay the outstanding balance. Cheques issued by the Corporate Debtor were dishonored. The Operational Creditor issued a legal demand notice under Section 138 of the Negotiable Instruments Act,

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## Issues and analysis

### Issue 1: Whether a pre-existing dispute exists between the Operational Creditor and the Corporate Debtor …

**Ratio:** The initiation of CIRP under Section 9 of the IBC requires the debt to be undisputed. A

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**Reasoning:** The Tribunal found that the Corporate Debtor had raised a dispute regarding the rates

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**Interpretation:** The existence of a genuine and demonstrable dispute regarding the debt, raised

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**Application:** In this case, the Corporate Debtor's claim of differential billing, supported

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## Parties

- **Judges:** V.G. B…; Prabhat…
- **Appellants:** Classic RMC &…
- **Respondents:** Salasar Exteriors…

## Timeline

- **2014-01-01 — Supply of Materials and…**: The Operational Creditor supplied ready-mix concrete and pumping services to the…
- **2018-12-19 — Cheque Is…**: The Corporate Debtor issued cheques dated 19.12.2018 and 22.01.2019 to the Operational…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 138 — Discharge order](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-138)

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