# In the matter of Texplas (India) Private Limited CP (IB) No.408-ALD-2018

> NCLT judgment dated 2022-03-02. Citation: TCN-2022-NCLT-03924. The case originates from an application filed by Harshdeep Industries, an operational creditor,…

- **Court:** NCLT
- **Order date:** 2 Mar 2022
- **Citation:** TCN-2022-NCLT-03924
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/texplas-india-private-limited-cp-ib-no408-ald-2018-a7adab57

## Summary

### Background

The case originates from an application filed by Harshdeep Industries, an operational creditor, under Section 9 of the Insolvency & Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against Texplas (India) Private Limited, the corporate debtor. The operational creditor claimed that the corporate debtor defaulted on payments for goods supplied during September and October 2015. The application was filed due to the outstanding debt exceeding the threshold limit and the absence of any pre-existing dispute.

## Facts

Harshdeep Industries, the operational creditor, filed an application under Section 9 of the Insolvency & Bankruptcy Code, 2016, to initiate CIRP against Texplas (India) Private Limited, the corporate debtor. The operational creditor supplied goods to the corporate debtor during September and October 2015, with the last invoice raised on October 10, 2015. The corporate debtor made the last payment on October 13, 2015. As per the invoice terms, payment without interest was due within 30 days, after which an 18% interest would be charged. The application was filed on November 16, 2018. A demand notice under Section 8 of the IBC, 2016, was delivered to the corporate debtor. The corporate debtor acknowledged the outstanding liability and assured payment in replies dated

…

## Issues and analysis

### Issue 1: Whether the application filed under Section 9 of the Insolvency & Bankruptcy Code, 2016 is …

**Ratio:** Section 9 of the IBC, 2016 allows an operational creditor to initiate CIRP against a

…

**Reasoning:** The court noted that the application filed under Section 9 was complete and complied with

…

**Interpretation:** Section 9 of the IBC, 2016, is interpreted to mean that an application must

…

**Application:** The court applied this ratio by examining the application and finding that it

…

## Parties

- **Judges:** SH. RAJASEKHAR…; SH. VIRENDRA…
- **Appellants:** Harshdeep…
- **Respondents:** TEXPLAS (INDIA)…

## Timeline

- **2015-09-01 — Goods Sup…**: Operational creditor supplied goods to the corporate debtor during September and October…
- **2015-10-10 — Last Invoice…**: The last invoice was…

## 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)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/texplas-india-private-limited-cp-ib-no408-ald-2018-a7adab57