# In the matter of Sri Lakshmi Saraswathi Impeex (India) Ltd.

> NCLT judgment dated 2023-09-25. Citation: TCN-2023-NCLT-01489. The case originates from an application filed under Section 9 of the Insolvency & Bankruptcy…

- **Court:** NCLT
- **Order date:** 25 Sept 2023
- **Citation:** TCN-2023-NCLT-01489
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/sri-lakshmi-saraswathi-impeex-india-ltd-5a38a03c

## Summary

### Background

The case originates from an application filed under Section 9 of the Insolvency & Bankruptcy Code, 2016, by Riddhi Siddhi Cotex Private Limited (Operational Creditor) against Sri Lakshmi Saraswathi Impeex (India) Limited (Corporate Debtor) to initiate Corporate Insolvency Resolution Process (CIRP).

## Facts

Riddhi Siddhi Cotex Private Limited, the Operational Creditor, filed an application under Section 9 of the Insolvency & Bankruptcy Code, 2016, against Sri Lakshmi Saraswathi Impeex (India) Limited, the Corporate Debtor, seeking to initiate Corporate Insolvency Resolution Process (CIRP). The Operational Creditor claimed a sum of Rs.2,77,877/- as due and payable by the Corporate Debtor as of 2019-09-26. The application was filed as IBA/1176/2019. The Authority admitted the application and initiated CIRP against the Corporate Debtor. Mrs. S. Thamilvani was appointed as the Interim Resolution Professional (IRP).

## Issues and analysis

### Issue 1: Whether the application filed by the Operational Creditor under Section 9 of the Insolvency & …

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

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**Reasoning:** The Authority considered the application, the documents filed, and the submissions made

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**Interpretation:** Section 9 of the IBC provides a mechanism for operational creditors to recover

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**Application:** The Authority applied Section 9 of the IBC to the facts of the case, where the

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## Parties

- **Judges:** SANJIV…; Venkataraman…
- **Appellants:** Riddhi Siddhi…
- **Respondents:** Lakshmi Saraswathi…

## Timeline

- **2019-09-26 — Debt Cla…**: The Operational Creditor claimed a sum of…
- **2023-09-25 — Order Da…**: The Authority admitted the application and initiated Corporate Insolvency Resolution…

## 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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