# In the matter of Supercast Technologies Private Limited

> NCLT judgment dated 2024-05-14. Citation: TCN-2024-NCLT-01357. Valplast Technologies Private Limited, the operational creditor, filed an application under…

- **Court:** NCLT
- **Order date:** 14 May 2024
- **Citation:** TCN-2024-NCLT-01357
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/supercast-technologies-private-limited-d0427321

## Summary

### Background

Valplast Technologies Private Limited, the operational creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Supercast Technologies Pvt. Ltd., the corporate debtor, due to a default in payment of Rs. 2,29,48,069.19. The operational creditor claimed that the corporate debtor failed to pay the outstanding amount despite repeated requests and reminders. The corporate debtor argued that there was a pre-existing dispute regarding the quality and completion of work, and that the operational creditor had abandoned the work site. The corporate debtor also contested the validity of the invoices and ledger accounts submitted by the operational creditor.

## Facts

Valplast Technologies Private Limited (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Supercast Technologies Pvt. Ltd. (Corporate Debtor) due to a default of Rs. 2,29,48,069.19. The Operational Creditor was engaged by the Corporate Debtor to carry out work related to production, transportation, grouting, and erection of precast elements at a site in Ghitorni, New Delhi, belonging to DRDO. The DRDO had engaged M/s Girdhari Lal Construction Pvt. Ltd. (GCPL) as the main contractor, who then subcontracted certain work to the Corporate Debtor. The Operational Creditor performed the work and raised RA bills/invoices, for which partial payment was made

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## Issues and analysis

### Issue 1: Whether there is a Debt …

**Ratio:** The existence of a debt and default is a prerequisite for initiating CIRP under Section 9

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**Reasoning:** The NCLT found that the operational creditor had raised 10 invoices/RA Bills from

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**Interpretation:** The NCLT interpreted the provisions of Section 9 of the IBC to require the

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**Application:** The NCLT applied the ratio to the facts of the case, finding that the

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## Parties

- **Judges:** Praveen…; Ashish…
- **Appellants:** Valplast Technolog…
- **Respondents:** Supercast…

## Timeline

- **2014-01-10 — Incorporation of…**: Renesco India Pvt. Ltd. (now Valplast…
- **2016-10-25 — Incorporation of…**: Supercast Technologies…

## 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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