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

> NCLT judgment dated 2026-10-06. Citation: TCN-2026-NCLT-01165. 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-01165
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-hyderabad/tirumala-venkateshwara-paper-and-board-private-limited-643bk

## Summary

### Background

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) for non-payment of operational dues amounting to USD 39,965.18 (INR 28,57,111). The debt arose from three offshore contracts for the sale and supply of goods, for which the Corporate Debtor failed to make full payment after taking delivery of goods released by SBI without proper authorization.

## Facts

M/s. GP Harmon Recycling LLC (Operational Creditor) supplied goods to M/s. Tirumala Venkateshwara Paper and Board Pvt. Ltd. (Corporate Debtor) under three offshore contracts dated 15.11.2016, 12.04.2017, and 27.04.2017.

The Operational Creditor dispatched goods from the USA to JNPT ICD, Hyderabad, and forwarded original documents to SBI with instructions for release only upon payment.

SBI released the original documents to the Corporate Debtor, allowing delivery of goods, without receiving payment from the Corporate Debtor.

The Operational Creditor raised five invoices totaling USD 95,815.25 for the supplied goods.

The Corporate Debtor made a payment of USD 15,728.54 on 11.02.2019 against the first invoice.

…

## Issues and analysis

### Issue 1: Whether there exists an operational debt and a default on the part of the Corporate Debtor within …

**Ratio:** The NCLT found that the Operational Creditor had supplied goods, raised invoices, and a

…

**Reasoning:** The relationship between the parties was established through contracts for the sale and

…

**Interpretation:** "Operational debt" under Section 5(21) of the IBC includes a claim in

…

**Application:** The facts demonstrate that M/s. GP Harmon Recycling LLC provided goods to M/s.

…

## Parties

- **Judges:** SHRI. RAJEEV…; SHRI. SANJA…
- **Appellants:** M/s. GP Harmon…
- **Respondents:** M/s. Tirumala…
- **Other parties:** CoC…; Direc…; +2 more
- **Advocates:** Mihir Ba…; Advocates for the…

## Timeline

- **2016-11-15 — Contract…**: Operational Creditor and Corporate Debtor entered into Contract No. NCPL/16-17/276 for…
- **2017-04-12 — Contract…**: Operational Creditor and Corporate Debtor entered into Contract No. NCPL/17-18/013 for…

## 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)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-hyderabad/tirumala-venkateshwara-paper-and-board-private-limited-643bk