# In the matter of Topiam Properties Private Limited C.P. No. 3270-IBC-MB-2019

> NCLT judgment dated 2022-05-09. Citation: TCN-2022-NCLT-02811. The case involves a Company Petition filed by Puja Enterprises, the Operational Creditor,…

- **Court:** NCLT
- **Order date:** 9 May 2022
- **Citation:** TCN-2022-NCLT-02811
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/topiam-properties-private-limited-cp-no-3270-ibc-mb-2019-94329e77

## Summary

### Background

The case involves a Company Petition filed by Puja Enterprises, the Operational Creditor, against Topaim Properties Private Limited, the Corporate Debtor, under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) for an operational debt of Rs. 3,78,060.50. The Operational Creditor supplied Polyster Resin and Fibermat, Clear Epoxy with Hardner to the Corporate Debtor, raising invoices for the same. The Corporate Debtor failed to make payments despite repeated requests and commitments. The Operational Creditor issued a demand notice on July 15, 2019, under Section 8 of the IBC Act, 2016.

## Facts

Puja Enterprises (Operational Creditor) filed a petition against Topaim Properties Private Limited (Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate CIRP for an operational debt of Rs. 3,78,060.50. The Operational Creditor supplied Polyster Resin, Fibermat, and Clear Epoxy with Hardner to the Corporate Debtor based on their requests, and subsequently raised invoices. The Corporate Debtor failed to make payments despite repeated requests and commitments. A demand notice was issued on July 15, 2019, under Section 8 of the IBC Act, 2016. The Corporate Debtor claimed the supplied goods were initially of good quality, but later consignments had issues, specifically with the Resin turning into Gel within 7 days. They informed

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## Issues and analysis

### Issue 1: Whether the Company Petition filed by the Operational Creditor is admissible under Section 9 of the …

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

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**Reasoning:** The NCLT found that the Corporate Debtor had failed to make payments despite repeated

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**Interpretation:** Section 9 provides a mechanism for operational creditors to recover outstanding

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**Application:** The NCLT applied Section 9 by determining that a debt existed, a demand notice

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## Parties

- **Judges:** H.V. Subb…; Shyam Babu…
- **Appellants:** Puja Enter…
- **Respondents:** Topaim Properties…; Topiam Properties…

## Timeline

- **2019-07-15 — Demand Notice…**: The Operational Creditor issued a demand notice to the Corporate Debtor under Section 8…
- **2022-05-02 — Hearing…**: The Ld. Counsel appearing for the Corporate Debtor Mr. Naved Chawdhary mentioned before…

## 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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