# In the matter of Spel Granito Private Limited CP(IB)-119(AHM)2022

> NCLT judgment dated 2023-05-19. Citation: TCN-2023-NCLT-03254. The case involves an application filed by Krishna Colour Chem, an operational creditor, under…

- **Court:** NCLT
- **Order date:** 19 May 2023
- **Citation:** TCN-2023-NCLT-03254
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/spel-granito-private-limited-cpib-119ahm2022-b9da45cb

## Summary

### Background

The case involves an application filed by Krishna Colour Chem, an operational creditor, under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against SpelGranito Private Limited, the corporate debtor. The operational creditor claimed a default amount of Rs. 2,25,14,171/-, comprising a principal amount of Rs. 1,66,41,709/- and interest of Rs. 58,72,462/-, with the date of default being 30.12.2020. The applicant stated that they supplied pigments, color chemicals, and digital inks to the respondent between 10.05.2019 and 01.12.2020, raising 113 invoices amounting to Rs. 1,70,26,666/-. The respondent made part payments and sales returns, leaving an outstanding amount. Despite sending emails, the

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## Facts

Krishna Colour Chem, an operational creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against SpelGranito Private Limited, the corporate debtor. The claimed debt in default amounted to Rs. 2,25,14,171/-, comprising Rs. 1,66,41,709/- as principal and Rs. 58,72,462/- as interest. The date of default was 30.12.2020. Krishna Colour Chem supplied pigments, color chemicals, and digital inks to SpelGranito Private Limited between 10.05.2019 and 01.12.2020, issuing 113 invoices totaling Rs. 1,70,26,666/-. SpelGranito made part payments of Rs. 2,88,155/- and sales returns of Rs. 96,801/-. Krishna Colour Chem sent emails to confirm the outstanding amount, but SpelGranito did not

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## Issues and analysis

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

**Ratio:** Section 9 of the Insolvency and Bankruptcy Code, 2016, allows an operational creditor to

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**Reasoning:** The Adjudicating Authority considered the facts presented by the applicant, including the

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**Interpretation:** Section 9 provides a mechanism for operational creditors to recover their dues

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**Application:** The applicant, Krishna Colour Chem, is an operational creditor, and SpelGranito

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## Parties

- **Judges:** Praveen…; KAUSHALENDRA…
- **Appellants:** Krishna Colour…
- **Respondents:** SpelGranito…; SpelGranito Pvt…

## Timeline

- **2019-05-10 — Start of Invoi…**: Applicant issued invoices to the respondent for pigments, color chemicals, and digital…
- **2020-12-01 — End of Invoic…**: Applicant issued invoices to the respondent for pigments, color chemicals, and digital…

## 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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