# In the matter of Zorek Education Technologies Pvt Ltd

> NCLT judgment dated 2024-08-07. Citation: TCN-2024-NCLT-00864. 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-00864
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/zorek-education-technologies-pvt-ltd-35e50239

## 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 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) and M/s. Zorek Education Technologies Private Limited (Corporate Debtor) entered into an agreement on 14.02.2019 for printing Pre-Primary and Primary Text Books for 2019-2020. The total order was for 5,65,000 books valued at Rs.3,08,93,184, payable in 13 equal installments starting 31.07.2019 and ending 31.07.2020, with a 24% interest clause for delays. The Operational Creditor claims full supply but alleges the Corporate Debtor only paid Rs.1,63,49,000, leaving a balance of Rs.1,40,68,097 plus interest, totaling Rs.3,32,14,573, for which a demand notice was issued on 01.02.2022. The Corporate Debtor disputes this, claiming failure of the Operational Creditor to meet quantity and quality terms, asserting receipt of only 2,60,000 books

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## Issues and analysis

### Issue 1: Whether the Operational Creditor has met the requirements under Section 9 of the IBC to initiate …

**Ratio:** Section 9 of the IBC allows an operational creditor to initiate CIRP if a debt is due and

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**Reasoning:** The NCLT found that the Operational Creditor was able to prove the delivery of a

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**Interpretation:** Section 9 of the IBC requires the operational creditor to demonstrate the

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**Application:** The NCLT applied the principles of Section 9 of the IBC to the facts of the

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## Parties

- **Judges:** Rajeev Bh…; Sanjay…
- **Appellants:** M/s.Opt…
- **Respondents:** Zorek Education…

## Timeline

- **2019-02-14 — Agreement…**: Agreement between Operational Creditor and…
- **2019-07-31 — Payment Sta…**: Start date for 13 equal…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 14 — Moratorium](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-14)

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