# In the matter of Savera Digital India Private Limited

> NCLT judgment dated 2024-01-10. Citation: TCN-2024-NCLT-03195. Rashi Peripherals Private Limited, the Operational Creditor, filed a petition under Section 9…

- **Court:** NCLT
- **Order date:** 10 Jan 2024
- **Citation:** TCN-2024-NCLT-03195
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/savera-digital-india-private-limited-6a4463f8

## Summary

### Background

Rashi Peripherals Private Limited, the Operational Creditor, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Savera Digital India Private Limited, the Corporate Debtor, due to unpaid operational debt. The Operational Creditor claimed a total amount of Rs. 3,13,58,771.72, with the date of default mentioned as 08.09.2020. The Adjudicating Authority initially rejected the petition, but the order was set aside by the NCLAT. The NCLAT held that the petition was not barred by Section 10A of the Code, as the last invoice was issued on 26.09.2019, and the payment was due before 25.03.2020.

## Facts

Rashi Peripherals Private Limited (Operational Creditor) filed a petition against Savera Digital India Private Limited (Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate CIRP due to unpaid operational debt. The Corporate Debtor is a private limited company incorporated on 17.04.2013, with a nominal share capital of Rs. 50,00,000/- and a paid-up share capital of Rs. 36,67,500/-. The Operational Creditor supplied goods, including laptops, computers, hard-drives, accessories, peripherals, and IT products, to the Corporate Debtor. The total amount claimed to be in default is Rs. 3,13,58,771.72, with the date of default mentioned as 08.09.2020. The Operational Creditor relied on invoices, acknowledgements of debt, and a

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## Issues and analysis

### Issue 1: Whether the petition filed by the Operational Creditor is barred by Section 10A of the Insolvency …

**Ratio:** Section 10A of the Insolvency and Bankruptcy Code, 2016, provides a bar on initiating

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**Reasoning:** The NCLAT held that since the last invoice was issued on 26.09.2019, and the payment was

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**Interpretation:** Section 10A is interpreted to apply only to defaults occurring during the

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**Application:** The NCLAT's finding that the default occurred before the specified period under

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## Parties

- **Judges:** RohitKa…; Balraj…
- **Appellants:** Rashi Peripherals…
- **Respondents:** Savera Digital…

## Timeline

- **2013-04-17 — Incorporation of…**: Savera Digital India Private Limited was…
- **2019-06-01 — Discussions between…**: Discussions took place between the parties in the end of June 2019 wherein the Corporate…

## 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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