# In the matter of Surana Meta Cast (India) Private Limited

> NCLT judgment dated 2024-08-05. Citation: TCN-2024-NCLT-00880. The case involves an application filed by an Operational Creditor under Section 9 of the…

- **Court:** NCLT
- **Order date:** 5 Aug 2024
- **Citation:** TCN-2024-NCLT-00880
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/surana-meta-cast-india-private-limited-34ff3ede

## Summary

### Background

The case involves an application filed by an Operational Creditor under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process against the Corporate Debtor due to an admitted default in payment.

## Facts

Jindal Nickel and Alloys Ltd, the Operational Creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Surana Meta Cast (India) Pvt Ltd, the Corporate Debtor. The application was filed in accordance with Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016. The Corporate Debtor was incorporated on October 12, 2010, with a nominal share capital of Rs. 5,75,00,000/- and a paid-up capital of Rs. 4,92,49,940/-. The Operational Creditor, engaged in manufacturing iron and steel, supplied nickel cathodes to the Corporate Debtor. Invoices were raised on July 15, 2022, July 19, 2022, and August 3, 2022, accompanied by e-way bills and

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## Issues and analysis

### Issue 1: Whether the application filed by the Operational Creditor under Section 9 of the IBC, 2016, is …

**Ratio:** An application under Section 9 of the IBC, 2016, is admissible if there is a proven debt

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**Reasoning:** The NCLT found that the application was complete in terms of Section 9 of the Code, as

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**Interpretation:** The NCLT interpreted Section 9 of the IBC to mean that once debt and default

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**Application:** The NCLT applied this interpretation to the facts, noting that Jindal Nickel

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## Parties

- **Judges:** Chitra Ha…; Velamur G Venkata…
- **Appellants:** Jindal Nickel and…; Jindal N…; +1 more
- **Respondents:** Surana Meta Cast…
- **Advocates:** Mr Nipun S…; Ms Pragati…; +1 more

## Timeline

- **October 12, 2010 — Incorporation of…**: Surana Meta Cast (India)…
- **July 15, 2022 — Invoice I…**: Jindal Nickel and Alloys Ltd issued an invoice for nickel cathodes supplied to Surana…

## 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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