# In the matter of CREATIVE QUARTZ LLP

> NCLT judgment dated 2026-03-06. Citation: TCN-2026-NCLT-00223. The Operational Creditor, M/s Orson Chemicals, filed an application under Section 9 of the IBC…

- **Court:** NCLT
- **Order date:** 6 Mar 2026
- **Citation:** TCN-2026-NCLT-00223
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-indore/creative-quartz-llp-7ceb4283

## Summary

### Background

The Operational Creditor, M/s Orson Chemicals, filed an application under Section 9 of the IBC to initiate CIRP against the Corporate Debtor, Creative Quartz LLP, due to unpaid operational debt amounting to Rs. 1,33,24,490/-. The Corporate Debtor contested the application, claiming the existence of a pre-existing dispute and incomplete documentation.

## Facts

M/s Orson Chemicals (now Orson Resins and Coatings Private Limited) supplied 'Unsaturated Polyester Resins' to Creative Quartz LLP from November 2016 to August 2017.

The operational debt claimed by Orson Chemicals was Rs. 1,33,24,490/-, including principal and interest.

The date of default was stated as 16.02.2019.

A settlement agreement was entered into on 13.03.2018, wherein the Corporate Debtor agreed to pay Rs. 1,10,36,198/-.

The Corporate Debtor failed to adhere to the terms of the settlement agreement.

The Operational Creditor issued a Demand Notice dated 06.01.2020 under Section 8 of the IBC.

The Corporate Debtor claimed to have made a cash payment of Rs. 44 Lakhs, which the Operational Creditor denied.

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## Issues and analysis

### Issue 1: Whether an operational …

**Ratio:** Section 5(21) of the IBC

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**Reasoning:** The Tribunal examined the invoices, ledger accounts, and settlement agreements to

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**Interpretation:** The debt arising from the supply of goods falls under the definition of

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**Application:** The Tribunal found that the debt for 'Unsaturated Polyester Resins' supplied by

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## Parties

- **Judges:** Brajendra Mani…; Man Mohan…
- **Appellants:** Orson Chemicals…; Orson Resins and…
- **Respondents:** Creative Quartz…
- **Other parties:** Vikas La…; Orson Che…
- **Advocates:** Prateek…; Sanyam Khe…; +1 more

## Timeline

- **2020-08-03 — Application…**: Operational Creditor filed…
- **2024-01-19 — Application D…**: The Learned Tribunal…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 5(21) — Definitions](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-5)

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