# In the matter of Sebros Steels Private Limited C.P. (IB) No. 1344-IBC-MB-2020

> NCLT judgment dated 2023-04-17. Citation: TCN-2023-NCLT-03796. The case originates from a Company Petition filed by Agrasen Iron and Steels Private Limited…

- **Court:** NCLT
- **Order date:** 17 Apr 2023
- **Citation:** TCN-2023-NCLT-03796
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/sebros-steels-private-limited-cp-ib-no-1344-ibc-mb-2020-f014507a

## Summary

### Background

The case originates from a Company Petition filed by Agrasen Iron and Steels Private Limited (Operational Creditor/Petitioner) under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Sebros Steels Private Limited (Corporate Debtor). The petitioner alleges that the corporate debtor defaulted on payments amounting to Rs. 2,55,88,486/- as of 30.09.2020.

## Facts

Agrasen Iron and Steels Private Limited (the Petitioner) filed a Company Petition against Sebros Steels Private Limited (the Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code, 2016, claiming a default of Rs. 2,55,88,486/- as of 30.09.2020. The debt comprises Rs. 1,83,83,697/- as the principal amount for invoices raised and Rs. 72,04,789/- as interest at 24% p.a. on delayed payments. The Petitioner supplied products to the Corporate Debtor from 2017 until July 2019 based on purchase orders. The Corporate Debtor made a part payment of Rs. 12,00,000/- on 13.12.2019 but failed to make further payments. The Corporate Debtor admitted to the outstanding dues in its account ledger as of 01.04.2019 and 30.06.2019. The Petitioner issued a demand notice

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## Issues and analysis

### Issue 1: Whether the petition is liable to be dismissed due to the petitioner's failure to prove the service …

**Ratio:** Once a letter/article is sent through registered post, it is deemed to have been received

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**Reasoning:** The court reasoned that the Demand Notice was sent by registered post, and the Corporate

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**Interpretation:** The legal principle establishes a presumption of delivery for items sent via

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**Application:** The court applied this principle to the case, stating that since the Demand

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## Parties

- **Judges:** Kuldip Kumar…; ANURADHA SANJAY…
- **Appellants:** AGRASEN IRON AND…
- **Respondents:** SEBROS STEELS…

## Timeline

- **2017-01-01 — Supply of Products…**: The Petitioner started supplying products to the Corporate Debtor based on purchase…
- **2019-07-01 — Supply of Prod…**: The Petitioner continued to…

## 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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