# In the matter of Tanishi Tradewell Private Limited CP (IB) No. 304-MB-IV-2021

> NCLT judgment dated 2023-06-28. Citation: TCN-2023-NCLT-02770. Dashabahu Multitrade Private Limited, the Operational Creditor/Applicant, filed an application…

- **Court:** NCLT
- **Order date:** 28 Jun 2023
- **Citation:** TCN-2023-NCLT-02770
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/tanishi-tradewell-private-limited-cp-ib-no-304-mb-iv-2021-036fb359

## Summary

### Background

Dashabahu Multitrade Private Limited, the Operational Creditor/Applicant, filed an application under Section 9 of the Insolvency & Bankruptcy Code, 2016 (I&B Code) against Tanishi Tradewell Private Limited, the Corporate Debtor, for initiating Corporate Insolvency Resolution Process (CIRP). The Operational Creditor claimed a total amount of Rs. 5,16,78,260/- based on 6 invoices issued to the Corporate Debtor, including principal and interest. The Corporate Debtor acknowledged the debt but cited defective material and proposed a settlement plan involving returning unsold material and repaying the outstanding amount in installments.

## Facts

Dashabahu Multitrade Private Limited (Operational Creditor) filed an application under Section 9 of the Insolvency & Bankruptcy Code, 2016, against Tanishi Tradewell Private Limited (Corporate Debtor) for initiating CIRP. The Operational Creditor claimed Rs. 5,16,78,260/- based on 6 invoices. The date of default was 21.03.2020. The Operational Creditor supplied Linen Fabrics based on purchase orders. Total sales from 01.04.2019 to 14.03.2020 amounted to Rs. 112,82,54,452/-, with Rs. 2,52,84,809/- received and Rs. 105,85,89,240/- adjusted through a Tri-Partite Agreement dated 31.03.2020. The last payment was on 18.03.2020 for Rs. 4,27,050/-, leaving Rs. 4,43,80,403/- outstanding. Demand Notices were issued but returned with the remark 'No such person in the

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## Issues and analysis

### Issue 1: Whether the application filed by the Operational Creditor under Section 9 of the I&B Code is …

**Ratio:** Section 9 of the Insolvency and Bankruptcy Code, 2016 allows an operational creditor to

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**Reasoning:** The court considered the documents submitted by the Operational Creditor, including

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**Interpretation:** Section 9 provides the mechanism for operational creditors to recover their

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**Application:** The court found that the Operational Creditor had provided sufficient evidence

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## Parties

- **Judges:** Prabhat…; KISHORE VEMULAPALL…
- **Appellants:** Dashabahu…
- **Respondents:** TANISHI TRADEWELL…
- **Advocates:** Amir Ars…; Manoj M…

## Timeline

- **2021-03-20 — Application…**: C.P. (IB) No. 304/MB/C-IV/2021 filed by…
- **2020-12-23 — Board Reso…**: Operational Creditor filed Board Resolution in support of authorization in favour of Mr.…

## 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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