# In the matter of Tirumala Hills Asphalt Pvt. Ltd. CP(IB) No.64-09-HDB-2023

> NCLT judgment dated 2023-06-14. Citation: TCN-2023-NCLT-02945. The case involves an application filed by GP Petroleums Limited, the Operational Creditor (OC),…

- **Court:** NCLT
- **Order date:** 14 Jun 2023
- **Citation:** TCN-2023-NCLT-02945
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/tirumala-hills-asphalt-pvt-ltd-cpib-no64-09-hdb-2023-6e08155d

## Summary

### Background

The case involves an application filed by GP Petroleums Limited, the Operational Creditor (OC), against Tirumala Hills Asphalt Pvt. Ltd, the Corporate Debtor (CD), seeking to initiate Corporate Insolvency Resolution Process (CIRP). The OC claims that the CD defaulted in discharging a debt of Rs. 2,02,81,093/- plus interest. The relationship between the CD and the OC began in October 2021, with the OC supplying Bitumen VG 30 to the CD. The pricing was based on the market price on the invoice date. The OC raised 104 invoices to Ananthapur Division and 7 invoices to Hyderabad Division between October 2021 and July 2022. The CD made payments totaling Rs. 11,40,13,419/- until September 7, 2022, leaving Rs. 2,02,81,093/- unpaid. The CD failed to pay part of an invoice dated

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## Facts

GP Petroleums Limited (Operational Creditor) filed an application to initiate Corporate Insolvency Resolution Process (CIRP) against Tirumala Hills Asphalt Pvt. Ltd (Corporate Debtor) due to a default in payment of Rs. 2,02,81,093/- plus interest. The OC supplied Bitumen VG 30 to the CD starting in October 2021, with pricing based on market rates. Between October 2021 and July 2022, the OC raised 104 invoices to Ananthapur Division and 7 invoices to Hyderabad Division. The CD made payments totaling Rs. 11,40,13,419/- until September 7, 2022, leaving a balance of Rs. 2,02,81,093/-. The CD failed to pay part of the invoice dated May 31, 2022, which was due on June 15, 2022, along with subsequent invoices. The total outstanding amount, including interest at 24% per annum,

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## Issues and analysis

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

**Ratio:** The principle is that if a debt exists and the Corporate Debtor has defaulted in its

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**Reasoning:** The court noted that the Corporate Debtor admitted the debt in emails but failed to

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**Interpretation:** The legal issue revolves around the interpretation of the Insolvency and

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**Application:** The court applied the ratio to the facts by considering the emails where the

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## Parties

- **Judges:** TELAPROLU…; SH. CHARAN…
- **Appellants:** GP Petroleums…
- **Respondents:** Tirumala Hills…

## Timeline

- **2021-10-01 — Relationship…**: The relationship between the Corporate…
- **2021-10-01 — Supply of B…**: The Operational Creditor started supplying…

## 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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