# In the matter of  S V Equipments Pvt. Ltd. CP (IB) No. 79-9-HDB-2022

> NCLT judgment dated 2022-06-21. Citation: TCN-2022-NCLT-04646. The Operational Creditor, Siddhi Ganesh Metals Pvt Ltd, filed a petition under Section 9 of the…

- **Court:** NCLT
- **Order date:** 21 Jun 2022
- **Citation:** TCN-2022-NCLT-04646
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-hyderabad/s-v-equipments-pvt-ltd-cp-ib-no-79-9-hdb-2022-f043f6d8

## Summary

### Background

The Operational Creditor, Siddhi Ganesh Metals Pvt Ltd, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, against the Corporate Debtor, M/s. S V Equipments Pvt Ltd, for defaulting on a payment of Rs. 1,40,81,649/-.

## Facts

Operational Creditor incorporated in 2011, trades in steel and allied products.

Corporate Debtor approached Operational Creditor in March 2021 and issued purchase orders for SS Sheets.

Operational Creditor raised bills for Rs. 1,80,81,649/-.

Corporate Debtor failed to pay the outstanding dues despite reminders.

Operational Creditor issued a statutory notice on 22.11.2021 for Rs. 1,80,81,649/-.

Corporate Debtor replied on 09.12.2021, admitting the claim and paid Rs. 20,00,000/- on 19.12.2021 and Rs. 20,00,000/- on 13.01.2022.

Outstanding due is Rs. 1,40,81,649/-.

Notice under Section 8 of I&B Code was issued on 01.12.2021.

Corporate Debtor utilized the material but defaulted in payment.

Demand notice was delivered to the Corporate Debtor, who replied and paid Rs. 40,000/-.

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor defaulted in paying the amount as per the agreement with the …

**Ratio:** Yes, the Corporate Debtor utilized the material but defaulted in paying the amount as per

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**Reasoning:** The Adjudicating Authority noted that the Corporate Debtor had utilized the material and

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**Interpretation:** This indicates a breach of contract and a financial default on the part of the

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**Application:** This finding supports the initiation of

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## Parties

- **Judges:** N. Venkata…; Veera Brahma Rao…
- **Appellants:** Siddhi Ganesh…
- **Respondents:** M/s. S V Equipment…
- **Other parties:** Sreedhar…

## Timeline

- **2021-03-N/A — Purchase…**: Corporate Debtor issued a purchase order…
- **2021-06-23 — Purchase Ord…**: Purchase orde…

## 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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