# In the matter of Zorek Education Technologies Pvt Ltd

> NCLT judgment dated 2024-08-07. Citation: TCN-2024-NCLT-00858. The case involves a petition filed by M/s.Options, the Operational Creditor, under Section 9 of…

- **Court:** NCLT
- **Order date:** 7 Aug 2024
- **Citation:** TCN-2024-NCLT-00858
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/zorek-education-technologies-pvt-ltd-0d9ec2d3

## Summary

### Background

The case involves a petition filed by M/s.Options, the Operational Creditor, under Section 9 of the Insolvency and Bankruptcy Code (IBC) to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s. Zorek Education Technologies Private Limited, the Corporate Debtor. The Operational Creditor and Corporate Debtor entered into an agreement dated 14.02.2019 for the printing of Pre-Primary and Primary Text Books for the year 2019-2020. The total quantity of books to be printed and supplied was 5,65,000 at the value of Rs.3,08,93,184/-. The payment was required to be made in 13 equal installments starting from 31.07.2019 and ending on 31.07.2020. The Corporate Debtor was also required to pay interest @ 24% for any delay in the payment. The Operational Creditor

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## Facts

M/s.Options (Operational Creditor) filed a petition under Section 9 of the IBC to initiate CIRP against M/s. Zorek Education Technologies Private Limited (Corporate Debtor). An agreement dated 14.02.2019 was entered between the parties for printing of Pre-Primary and Primary Text Books for the year 2019-2020, with a total order of 5,65,000 books valued at Rs.3,08,93,184/-. The payment was to be made in 13 equal installments starting from 31.07.2019 and ending on 31.07.2020, with a 24% interest for any delay. The Operational Creditor claimed to have supplied all books, but the Corporate Debtor only paid Rs.1,63,49,000/-, leading to a demand notice dated 01.02.2022 for Rs.3,32,14,573/-. The Corporate Debtor argued that the Operational Creditor failed to supply the

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## Issues and analysis

### Issue 1: Whether the petition filed by the Operational …

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

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**Reasoning:** The court found that the Operational Creditor was able to prove all the mandatory

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

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**Application:** The court applied Section 9 to the facts of the case, finding that the

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## Parties

- **Judges:** Rajeev Bh…; Sanjay…
- **Appellants:** M/s.Opt…
- **Respondents:** Zorek Education…
- **Advocates:** Y. Suryana…; G. Sai. P…

## Timeline

- **2019-02-14 — Agreement…**: Operational Creditor and Corporate Debtor entered into an agreement for printing of…
- **2019-07-31 — Payment Sta…**: The payment was required to be made in 13…

## 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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