# In the matter of Sri Raghavendra Ferro Alloys  Private Limited CP (IB) No. 53-9-HDB-2023

> NCLT judgment dated 2023-05-01. Citation: TCN-2023-NCLT-03538. The case involves a petition filed by M/s Carbon Fuels, the Operational Creditor, against Sri…

- **Court:** NCLT
- **Order date:** 1 May 2023
- **Citation:** TCN-2023-NCLT-03538
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/sri-raghavendra-ferro-alloys-private-limited-cp-ib-no-53-9-hdb-2023-51831e45

## Summary

### Background

The case involves a petition filed by M/s Carbon Fuels, the Operational Creditor, against Sri Raghavendra Ferro Alloys Private Limited, the Corporate Debtor, for defaulting on a payment of Rs. 1,99,10,943. The Operational Creditor sought the commencement of Corporate Insolvency Resolution Process (CIRP), a moratorium, and the appointment of an Interim Resolution Professional (IRP).

## Facts

M/s Carbon Fuels, an operational creditor, filed a petition against Sri Raghavendra Ferro Alloys Private Limited, a corporate debtor, claiming a default of Rs. 1,99,10,943. The operational creditor supplied steam coal to the corporate debtor based on purchase orders issued between 21.01.2022 and 17.05.2022, totaling Rs. 6,49,10,943. The corporate debtor made partial payments of Rs. 4,50,00,000, leaving the outstanding balance. The corporate debtor acknowledged the outstanding amount in an email dated 08.06.2022. The operational creditor sent a demand notice on 28.12.2022, which was served on 30.12.2022, but received no response. The corporate debtor was absent during the hearing, leading to an ex-parte order. The operational creditor is entitled to 12% interest on

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## Issues and analysis

### Issue 1: Whether an Operational debt as claimed by the applicant is due and payable by the Corporate Debtor …

**Ratio:** Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016, allows an operational

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**Reasoning:** The Adjudicating Authority examined the records and found that the Corporate Debtor had

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**Interpretation:** The IBC provides a mechanism for operational creditors to recover their dues

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**Application:** In this case, the Corporate Debtor acknowledged the debt and failed to make the

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## Parties

- **Judges:** Venkata Ramakrishn…; SH. CHARAN…
- **Appellants:** M/s Carbon…
- **Respondents:** Raghavendra Ferro…

## Timeline

- **2021-06-21 — Operational Creditor…**: Operational creditor was registered partnership…
- **2022-01-21 — Purchase Order…**: Corporate Debtor issued purchase orders to Operational Debtor for supply of Steam Coal,…

## 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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