# In the matter of Supreme Fin-hold Pvt. Ltd.

> NCLT judgment dated 2024-07-01. Citation: TCN-2024-NCLT-01102. The case pertains to an application filed by Grover Trading Co., an Operational Creditor, under…

- **Court:** NCLT
- **Order date:** 1 Jul 2024
- **Citation:** TCN-2024-NCLT-01102
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/supreme-fin-hold-pvt-ltd-b8267432

## Summary

### Background

The case pertains to an application filed by Grover Trading Co., an Operational Creditor, under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016, against Supreme Fin-hold Pvt. Ltd., the Corporate Debtor, for default in payment of operational debt. The Operational Creditor claimed that the Corporate Debtor failed to pay an outstanding amount of Rs. 1,19,39,282.40. The Corporate Debtor acknowledged the debt in an acknowledgment dated 16.09.2022.

## Facts

Grover Trading Co. (Operational Creditor) filed an application under Section 9 of the IBC, 2016, against Supreme Fin-hold Pvt. Ltd. (Corporate Debtor) for default in payment of operational debt amounting to Rs. 1,19,39,282.40. The debt arose from invoices for the financial year 2021-22, with the last invoice dated 28.03.2021. The Corporate Debtor acknowledged the outstanding debt in an acknowledgment dated 16.09.2022. The Operational Creditor issued a demand notice on 22.09.2022. The Corporate Debtor did not raise any dispute regarding the debt before the demand notice. The Applicant also filed an affidavit under Section 9(3)(b) of the IBC, 2016. The RP proposed by the Applicant declared that no legal proceedings are pending against him.

## Issues and analysis

### Issue 1: Whether the application under Section 9 …

**Ratio:** Section 9 of the IBC, 2016, allows an operational creditor to initiate CIRP against a

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**Reasoning:** The Tribunal considered the documents and submissions made by the Applicant and found

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

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**Application:** The Tribunal found that the Applicant had met the requirements of Section 9 and

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## Parties

- **Judges:** SH. ASHOK KUMAR…; SH. SUBRATA KUMAR…
- **Appellants:** M/s Grover…
- **Respondents:** M/s Supreme…

## Timeline

- **2021-03-28 — Last Invoic…**: Last invoice entered in the Bill against Products was effected towards the outstanding…
- **2022-09-16 — Acknowledgment…**: The Corporate Debtor issued an…

## 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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