# In the matter of Vikarsh Stampings India Pvt.ltd.

> NCLT judgment dated 2023-03-15. Citation: TCN-2023-NCLT-04250. The case involves a Company Petition filed by Alpine Stampings, an Operational Creditor,…

- **Court:** NCLT
- **Order date:** 15 Mar 2023
- **Citation:** TCN-2023-NCLT-04250
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/vikarsh-stampings-india-pvtltd-61d269e2

## Summary

### Background

The case involves a Company Petition filed by Alpine Stampings, an Operational Creditor, against Vikarsh Stampings India Private Limited, the Corporate Debtor, under Section 9 of the Insolvency and Bankruptcy Code, 2016, read with Rule 6 of the Insolvency and Bankruptcy (Application to Adjudication Authority) Rules, 2016. The Operational Creditor sought to initiate the Corporate Insolvency Resolution Process (CIRP) due to an alleged default in payment of an operational debt amounting to Rs. 1,07,33,947.51/- including interest. The Corporate Debtor opposed the petition, primarily arguing that the principal amount claimed was below the threshold limit specified under Section 4 of the Code.

## Facts

Alpine Stampings (Operational Creditor) filed a petition against Vikarsh Stampings India Private Limited (Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate CIRP. The Operational Creditor claimed that the Corporate Debtor defaulted on payments for electrical slit coils purchased in 2020-21, totaling Rs. 1,07,33,947.51/- including interest. The Operational Creditor issued four purchase orders and supplied goods, issuing tax invoices with a 24% interest clause for overdue payments. Despite reminders, the Corporate Debtor failed to pay. The Corporate Debtor acknowledged the debt in emails and letters, including a balance confirmation dated February 10, 2021, and issued ten undated cheques for an 'old outstanding'. The

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## Issues and analysis

### Issue 1: Whether the petition filed by the Operational Creditor is maintainable under Section 9 of the …

**Ratio:** The Insolvency and Bankruptcy Code, 2016, along with relevant rules and regulations,

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**Reasoning:** The court considered the provisions of Section 9 of the IBC, read with Rule 6 of the

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**Interpretation:** The court interpreted the provisions of the IBC and related rules to determine

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**Application:** The court applied the provisions of the IBC and related rules to the facts of

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## Parties

- **Judges:** Kuldip Kumar…; ANURADHA SANJAY…
- **Appellants:** Alpine Sta…
- **Respondents:** Vikarsh Stampings…

## Timeline

- **2020-01-01 — Purchase…**: The Petitioner issued Four Purchase orders for the purchase of electrical slit coils, to…
- **2021-02-09 — Petitioner visits…**: The Petitioner visited the office of the Corporate Debtor to urge the Corporate Debtor to…

## 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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