# GP Harmon Recycling LLC vs. Tirmala Venkateshwara Paper and Board Pvt Ltd

> NCLT judgment dated 2026-10-06. Citation: TCN-2026-NCLT-01108. M/s. GP Harmon Recycling LLC (Operational Creditor) filed an application under Section 9 of the…

- **Court:** NCLT
- **Order date:** 6 Oct 2026
- **Citation:** TCN-2026-NCLT-01108
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-hyderabad/tirmala-venkateshwara-paper-and-board-pvt-ltd-rvjw0

## Summary

### Background

M/s. GP Harmon Recycling LLC (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against M/s. Tirumala Venkateshwara Paper and Board Pvt. Ltd. (Corporate Debtor) for the initiation of Corporate Insolvency Resolution Process (CIRP). The application sought to recover operational dues of USD 39,965.18 (equivalent to INR 28,57,111) outstanding as of 17.02.2020. The debt arose from three offshore contracts for the sale and supply of goods. The Corporate Debtor's bank, SBI, released original documents without payment, allowing the Corporate Debtor to take delivery of goods, leading to unpaid invoices.

## Facts

M/s. GP Harmon Recycling LLC (Operational Creditor) filed an application under Section 9 of the IBC against M/s. Tirumala Venkateshwara Paper and Board Pvt. Ltd. (Corporate Debtor).

The application seeks initiation of CIRP for non-payment of USD 39,965.18 (INR 28,57,111) as operational dues as of 17.02.2020.

The relationship was established through three offshore contracts for the sale and supply of goods: Contract No. NCPL/16-17/276 dated 15.11.2016, Contract No. NCPL/17-18/013 dated 12.04.2017, and Contract No. NCPL/17-18/046 dated 27.04.2017.

The Operational Creditor dispatched goods from a port in the USA for shipment to JNPT ICD, Hyderabad, India.

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## Issues and analysis

### Issue 1: Whether there is an existence of an operational debt due and payable by the Corporate Debtor to the …

**Ratio:** The NCLT found that the Operational Creditor supplied goods under contracts, raised

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**Reasoning:** The relationship between the parties was established through three offshore contracts for

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**Interpretation:** An 'operational debt' under Section 5(21) of the IBC includes a claim in

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**Application:** Based on the contracts for goods supply, the invoices raised, and the Corporate

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## Parties

- **Judges:** SHRI. RAJEEV…; SHRI. SANJAY…
- **Appellants:** M/s. GP Harmon…
- **Respondents:** M/s. Tirumala…
- **Other parties:** Mahadev Tir…
- **Advocates:** Mihir Ba…

## Timeline

- **2016-11-15 — Contract E…**: Contract No. NCPL/16-17/276 entered into between Operational Creditor and Corporate…
- **2017-01-15 — Invoice I…**: Invoice No. 451001102159…

## 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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