# In the matter of Shreenidhi Papers Private Limited C.P. (IB) No.118-BB-2022

> NCLT judgment dated 2023-06-09. Citation: TCN-2023-NCLT-03026. The case involves an application filed by Mr. A.N. Srinivasa Raje Urs, the Operational…

- **Court:** NCLT
- **Order date:** 9 Jun 2023
- **Citation:** TCN-2023-NCLT-03026
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/shreenidhi-papers-private-limited-cp-ib-no118-bb-2022-cc462cc5

## Summary

### Background

The case involves an application filed by Mr. A.N. Srinivasa Raje Urs, the Operational Creditor, under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s. Shreenidhi Papers Pvt. Ltd., the Corporate Debtor, for defaulting on a payment of Rs. 1,77,58,868. The Operational Creditor claimed to have supplied waste paper products to the Corporate Debtor for over four years, raising invoices for the delivered goods. Despite providing quality goods in a timely manner, the Corporate Debtor failed to honor the invoices. The Corporate Debtor also admitted its debt obligation in the confirmation of accounts for the period 01.04.2019 to 26.12.2019. The Operational Creditor issued a demand notice

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## Facts

Mr. A.N. Srinivasa Raje Urs, operating as M/s. Sri Krishna Enterprises, is the Operational Creditor and filed a petition against M/s. Shreenidhi Papers Private Limited, the Corporate Debtor, under Section 9 of the Insolvency and Bankruptcy Code, 2016. The Operational Creditor supplied waste paper products to the Corporate Debtor for over four years and raised invoices for the goods delivered. The Corporate Debtor defaulted on a payment of Rs. 1,77,58,868. The Corporate Debtor acknowledged its debt in confirmation of accounts for the period 01.04.2019 to 26.12.2019, admitting a liability of Rs. 1,77,58,739. The Operational Creditor issued a demand notice on 24.11.2020, which was received by the Corporate Debtor on 05.12.2020, but no reply or payments were made. The

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## Issues and analysis

### Issue 1: Whether the application filed under Section 9 of the Insolvency and Bankruptcy Code, 2016 is …

**Ratio:** Section 9(5)(i) of the IBC, 2016 states that the Adjudicating Authority shall admit the

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**Reasoning:** The Adjudicating Authority considered the arguments of the respective Counsels and their

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**Interpretation:** The completeness of the application is a prerequisite for its admission under

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**Application:** The Adjudicating Authority determined that the application was complete based

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## Parties

- **Judges:** T. Krishn…; Manoj Kumar…
- **Appellants:** A.N. Srinivasa…
- **Respondents:** Shreenidhi Papers…

## Timeline

- **2001-11-15 — Incorporation of…**: M/s. Shreenidhi Papers Pvt. Ltd. was…
- **2017-04-02 — Default on I…**: The Corporate Debtor defaulted in payment…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 14 — Moratorium](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-14)

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