# In the matter of Supreme Bituchem India Pvt. Ltd.

> NCLT judgment dated 2024-01-24. Citation: TCN-2024-NCLT-02927. The case originates from a petition filed by Megamet Steels Pvt. Ltd. (Operational Creditor)…

- **Court:** NCLT
- **Order date:** 24 Jan 2024
- **Citation:** TCN-2024-NCLT-02927
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/supreme-bituchem-india-pvt-ltd-d4c7fa04

## Summary

### Background

The case originates from a petition filed by Megamet Steels Pvt. Ltd. (Operational Creditor) under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Supreme Bituchem India Pvt. Ltd. (Corporate Debtor). The Operational Creditor claimed that the Corporate Debtor defaulted on payments for invoices raised for bituchem supplies. The Corporate Debtor, however, contested the claim, alleging that some of the invoices were fabricated and that there was a pre-existing dispute.

## Facts

Megamet Steels Pvt. Ltd. (Operational Creditor) filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Supreme Bituchem India Pvt. Ltd. (Corporate Debtor). The Operational Creditor claimed that the Corporate Debtor defaulted on payments for five invoices totaling Rs. 35,26,597/-, including interest at 24% p.a. The invoices were raised for bituchem supplies provided by the Operational Creditor to the Corporate Debtor since 2017. The Corporate Debtor made a part payment of Rs. 97,438/-. The Operational Creditor served a demand notice on 13.04.2018. The Corporate Debtor contended that four of the five invoices were never generated or associated with the receipt of goods and that one

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## Issues and analysis

### Issue 1: Whether the petition filed by the Operational Creditor under Section 9 of the IBC is complete and …

**Ratio:** Section 9 of the IBC allows an operational creditor to initiate CIRP against a corporate

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**Reasoning:** The NCLT found that the petition was complete in all respects and that there existed a

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**Interpretation:** Section 9 of the IBC provides the framework for operational creditors to

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**Application:** The NCLT applied Section 9 of the IBC to the facts of the case, finding that

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## Parties

- **Judges:** V. G. Bisht…; SH. PRABHAT…
- **Appellants:** Megamet Steels…
- **Respondents:** Supreme Bituchem…

## Timeline

- **2005-05-11 — Incorporation of…**: Supreme Bituchem India Pvt Ltd. was…
- **2017-01-01 — Business Rela…**: The Operational Creditor consistently provided bituchem supplies to the Corporate Debtor…

## 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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