# In the matter of Tanaya Enterprises Private Limited

> NCLT judgment dated 2023-10-04. Citation: TCN-2023-NCLT-01407. Excellous Commodities Private Limited, the Operational Creditor (OC), filed an application…

- **Court:** NCLT
- **Order date:** 4 Oct 2023
- **Citation:** TCN-2023-NCLT-01407
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/tanaya-enterprises-private-limited-cd6ccbc5

## Summary

### Background

Excellous Commodities Private Limited, the Operational Creditor (OC), filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) to initiate Corporate Insolvency Resolution Process (CIRP) against Tanaya Enterprises Private Limited, the Corporate Debtor (CD). The debt arises from the supply of goods (fabrics) by the OC to the CD, for which several tax invoices were raised. The OC claimed a total amount of Rs.2,32,26,919/- due from the CD, including principal and interest. The CD admitted its liability and requested additional time to pay. The OC claimed the date of default as 24.09.2020, while the NCLT determined it to be 20.06.2020.

## Facts

Excellous Commodities Private Limited (OC) supplied goods (fabrics) to Tanaya Enterprises Private Limited (CD). The OC raised several tax invoices for the supplied goods. The OC claimed that a total amount of Rs. 2,32,26,919/- was due, including a principal amount of Rs. 2,02,26,366/- and interest. The OC sent reminder letters to the CD, which were acknowledged. The OC sent a final reminder on 01.10.2021, and the CD replied on 11.10.2021, admitting its dues and requesting more time. The OC then sent a demand notice on 05.11.2021, and the CD replied on 22.11.2021, again admitting liability and seeking more time. The OC filed an application under Section 9 of the IBC, claiming the date of default as 24.09.2020. The CD admitted its liability to pay the dues. The NCLT

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## Issues and analysis

### Issue 1: Whether the application for initiating CIRP is maintainable under Section 9 of the IBC, considering …

**Ratio:** Section 10A of the IBC suspends the initiation of CIRP for defaults occurring during a

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**Reasoning:** The NCLT reasoned that both the date of default claimed by the OC (24.09.2020) and the

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**Interpretation:** Section 10A was introduced to provide relief to companies affected by the

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**Application:** In this case, since the date of default falls within the period specified in

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## Parties

- **Judges:** K. R. SAJI…; SANJIV…
- **Appellants:** Excellous…
- **Respondents:** Tanaya Enterprises…

## Timeline

- **2020-03-21 — Date of I…**: Date of the invoice raised by…
- **2020-06-20 — Date of Defaul…**: Date of default as determined by the NCLT,…

## 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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