# Naksh Steel Ltd vs. Auri Grow India Ltd

> NCLT judgment dated 2026-09-18. Citation: TCN-2026-NCLT-01045. Naksh Steel Limited (Operational Creditor) filed a petition under Section 9 of the Insolvency…

- **Court:** NCLT
- **Order date:** 18 Sept 2026
- **Citation:** TCN-2026-NCLT-01045
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-indore/naksh-steel-ltd-vs-auri-grow-india-limited-lb0hu

## Summary

### Background

Naksh Steel Limited (Operational Creditor) filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) against Auri Grow India Limited (Corporate Debtor) for initiating Corporate Insolvency Resolution Process (CIRP). The petition alleged a default in payment of an operational debt totaling Rs. 91,82,07,284/-, which included a principal amount of Rs. 78,01,30,374/- and interest of Rs. 13,80,76,910/-. This debt arose from a Master Supply Agreement dated 16.12.2024 for the supply of industrial and construction goods. The Corporate Debtor acknowledged the principal debt but disputed the interest component, offering a staggered payment plan for the principal.

## Facts

Naksh Steel Limited (Operational Creditor) filed a Company Petition under Section 9 of the IBC against Auri Grow India Limited (Corporate Debtor).

The petition seeks initiation of CIRP due to default in payment of an operational debt of Rs. 91,82,07,284/-, comprising a principal amount of Rs. 78,01,30,374/- and interest of Rs. 13,80,76,910/-.

The debt arose from a Master Supply Agreement dated 16.12.2024 for the supply of industrial and construction goods/material.

Invoices were raised by the Operational Creditor between 22.01.2025 and 29.01.2025, aggregating a principal sum of Rs. 78,01,30,374/-.

As per the agreement, payment was due immediately upon invoice issuance, with interest at 18% per annum for delays beyond five days.

…

## Issues and analysis

### Issue 1: Whether there exists an operational debt which is due and payable, and whether the occurrence of …

**Ratio:** An operational debt and default are established when the Corporate Debtor admits the

…

**Reasoning:** The Corporate Debtor admitted the Master Supply Agreement, the supplies made, and the

…

**Interpretation:** The Adjudicating Authority's jurisdiction under Section 9 requires establishing

…

**Application:** The principal operational debt of Rs. 78,01,30,374/- was established and

…

## Parties

- **Judges:** Brajendra Mani…; Man Mohan Gupta,…
- **Appellants:** Naksh Ste…; Naksh Steel…
- **Respondents:** Auri Grow India…; Auri Grow India…
- **Other parties:** Kalpeshbhai…; Pratikkumar…; +1 more
- **Advocates:** Swastik…; Prutha Bh…

## Timeline

- **2024-12-16 — Master Supply…**: The parties entered into a Master Supply Agreement for the supply of industrial and…
- **2025-01-22 — Invoice Issuan…**: The Operational Creditor started…

## 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-indore/naksh-steel-ltd-vs-auri-grow-india-limited-lb0hu