# In the matter of Suvishrhu Speciality Chemicals Pvt. Ltd.

> NCLT judgment dated 2022-02-28. Citation: TCN-2022-NCLT-03956. Kevin Ventures LLP, the Operational Creditor, filed a Company Petition under Section 9 of the…

- **Court:** NCLT
- **Order date:** 28 Feb 2022
- **Citation:** TCN-2022-NCLT-03956
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/suvishrhu-speciality-chemicals-pvt-ltd-a1811f2c

## Summary

### Background

Kevin Ventures LLP, the Operational Creditor, filed a Company Petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Suvishrhu Specialty Chemicals Pvt. Ltd, the Corporate Debtor, for a resolution of operational debt amounting to Rs. 69,00,835, including principal and interest. The Operational Creditor claimed that the Corporate Debtor failed to make payments for goods supplied between June 2018 and November 2018, despite repeated requests and reminders. The Corporate Debtor did not file any reply contesting the petition.

## Facts

Kevin Ventures LLP (Operational Creditor) filed a petition against Suvishrhu Specialty Chemicals Pvt. Ltd (Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of CIRP. The Operational Creditor supplied chemical products to the Corporate Debtor based on purchase orders between June 2018 and November 2018, raising invoices totaling Rs. 57,65,996. The Corporate Debtor acknowledged the outstanding debt in a confirmation of accounts letter dated 18th November 2019. Despite reminders, the Corporate Debtor made only a partial payment of Rs. 1,00,000 on 17th September 2019. The Operational Creditor issued a demand notice dated 05.12.2019, which was received by the Corporate Debtor on 09.12.2019. The total operational debt,

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## Issues and analysis

### Issue 1: Whether the Operational Creditor successfully demonstrated the existence of debt and default on the …

**Ratio:** The Insolvency and Bankruptcy Code, 2016 (IBC) allows an operational creditor to initiate

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**Reasoning:** The court relied on the invoices, purchase orders, confirmation of accounts, and demand

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**Interpretation:** The IBC requires the operational creditor to provide sufficient evidence to

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**Application:** The Operational Creditor provided invoices, purchase orders, and a confirmation

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## Parties

- **Judges:** H.V. Subb…; Chandra Bha…
- **Appellants:** Kevin Ventu…
- **Respondents:** Suvishrhu…

## Timeline

- **2018-06-01 — Supply of…**: Operational Creditor supplied goods to Corporate Debtor between June 2018 and November…
- **2019-09-17 — Partial P…**: Corporate Debtor made a partial payment of…

## 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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