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

> NCLT judgment dated 2024-08-05. Citation: TCN-2024-NCLT-00882. The case pertains to an application filed by Jindal Nickel and Alloys Ltd, the Operational…

- **Court:** NCLT
- **Order date:** 5 Aug 2024
- **Citation:** TCN-2024-NCLT-00882
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/surana-meta-cast-india-pvt-limited-ff32e6e0

## Summary

### Background

The case pertains to an application filed by Jindal Nickel and Alloys Ltd, the Operational Creditor, under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) against Surana Meta Cast (India) Pvt Ltd, the Corporate Debtor, for initiating the Corporate Insolvency Resolution Process (CIRP). The Operational Creditor claims that the Corporate Debtor defaulted on payments for supplied nickel cathodes. The application was filed due to the Corporate Debtor's failure to pay the outstanding debt despite the issuance of demand notices.

## Facts

Jindal Nickel and Alloys Ltd, the Operational Creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Surana Meta Cast (India) Pvt Ltd, the Corporate Debtor. The Operational Creditor supplied nickel cathodes to the Corporate Debtor and raised invoices on 15.07.2022, 19.07.2022, and 03.08.2022. The Corporate Debtor defaulted on payments, with a default amount of Rs. 2,47,21,760 as of 14.08.2022. The debt comprised a principal amount of Rs. 2,09,86,439 and interest of Rs. 37,35,321 at 12% per annum. The Operational Creditor issued a demand notice on 09.01.2024, but the Corporate Debtor failed to make the payment. The Corporate Debtor cited continuous losses and financial difficulties as reasons for non-payment, also claiming

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## Issues and analysis

### Issue 1: Whether the application filed by the Operational Creditor under Section 9 of the Insolvency and …

**Ratio:** Section 9 of the IBC stipulates the requirements for an operational creditor to initiate

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**Reasoning:** The court found that the Operational Creditor had provided sufficient evidence of debt

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**Interpretation:** Section 9 of the IBC is interpreted to mean that if an operational creditor

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**Application:** The court applied the ratio to the facts, finding that the Operational Creditor

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## Parties

- **Judges:** Chitra Ha…; Velamur G Venkata…
- **Appellants:** Jindal Nickel and…
- **Respondents:** Surana Meta Cast…

## Timeline

- **2022-07-15 — Invoice…**: Invoice raised by Jindal Nickel and Alloys…
- **2022-07-19 — Invoice…**: Invoice raised by Jindal Nickel and Alloys…

## 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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