# In the matter of SUVISHRHU SPECIALITY CHEMICALS PRIVATELIMITED

> NCLT judgment dated 2025-02-24. Citation: TCN-2025-NCLT-00443. The case involves a petition filed by M/S Tapovan Enterprise, an operational creditor, under…

- **Court:** NCLT
- **Order date:** 24 Feb 2025
- **Citation:** TCN-2025-NCLT-00443
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/suvishrhu-speciality-chemicals-privatelimited-079c90de

## Summary

### Background

The case involves a petition filed by M/S Tapovan Enterprise, an operational creditor, under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against M/S. Suvishrhu Specialty Chemicals Private Limited, the corporate debtor, due to non-payment of an operational debt. The operational creditor had been supplying chemicals to the corporate debtor for several years. Invoices were raised for services provided between February 2019 and July 2023. The corporate debtor had assured payments and issued post-dated cheques, but failed to make full payments. A demand notice was served under Section 8 of the Code.

## Facts

M/S Tapovan Enterprise, the operational creditor, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate CIRP against M/S. Suvishrhu Specialty Chemicals Private Limited, the corporate debtor. The operational debt amounted to Rs. 4,98,19,196, inclusive of interest and taxes as of 31.08.2023. The operational creditor had been supplying chemicals to the corporate debtor for several years, with invoices raised between February 2019 and July 2023. The corporate debtor issued post-dated cheques and promised payments, but failed to pay the full amount. A demand notice was served on 27.07.2023 under Section 8 of the Code. The corporate debtor acknowledged the debt and proposed installment payments, but failed to consistently meet these

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor defaulted on …

**Ratio:** Section 4(1) of the IBC stipulates a minimum default amount for initiating CIRP. The

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**Reasoning:** The court observed that the Corporate Debtor acknowledged the debt in its reply to the

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**Interpretation:** The court interpreted the Corporate Debtor's acknowledgment of the debt and its

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**Application:** The court applied the ratio to the facts of the case, noting that the Corporate

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## Parties

- **Judges:** Shri. Prabhat…; V.G. B…
- **Appellants:** M/S. Tapovan…
- **Respondents:** M/S. Suvishrhu…

## Timeline

- **2019-02-01 — Invoice Perio…**: Invoices against services…
- **2023-03-01 — Last Delivery to…**: The last delivery of chemicals to…

## 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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