# M/S NPV GLOBAL FZ LLE, UAE vs. M/S SNEH POLYMERS PVT. LTD.

> NCLT judgment dated 2026-09-15. Citation: TCN-2026-NCLT-01010. M/s NPV Global FZ LLE, UAE (Operational Creditor) initiated Corporate Insolvency Resolution…

- **Court:** NCLT
- **Order date:** 15 Sept 2026
- **Citation:** TCN-2026-NCLT-01010
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-jaipur/ms-npv-global-fz-lle-uae-vs-ms-sneh-polymers-pvt-ltd-i4iom

## Summary

### Background

M/s NPV Global FZ LLE, UAE (Operational Creditor) initiated Corporate Insolvency Resolution Process (CIRP) against M/s Sneh Polymers Pvt. Ltd. (Corporate Debtor) under Section 9 of the IBC, 2016, for a default of Rs. 2,64,10,512.24/- arising from the supply of PP Granules. A demand notice was issued, to which the Corporate Debtor's Director acknowledged the debt for two specific invoices (totaling Rs. 1,32,05,256.12/-) but requested time for repayment due to financial distress. Subsequently, the Corporate Debtor declined payment and raised a dispute regarding the quality of goods for other invoices.

## Facts

M/s NPV Global FZ LLE, UAE (Operational Creditor/Petitioner) filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016.

The petition seeks initiation of Corporate Insolvency Resolution Process (CIRP) against M/s Sneh Polymers Pvt. Ltd. (Corporate Debtor/Respondent).

The default amount claimed is Rs. 2,64,10,512.24/-.

The Petitioner is a Free Zone Limited Liability Establishment engaged in general trading, including import-export of PP Granules.

The Respondent is a Company incorporated under the Companies Act, 2013 on 04.12.2019.

The Petitioner supplied goods to the Respondent and raised 4 tax invoices from 24.12.2025 to 29.01.2026 for an aggregate value of Rs. 2,64,10,512.24/-, with a credit period of 60 days.

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## Issues and analysis

### Issue 1: Whether there is an …

**Ratio:** Yes, the Corporate Debtor failed to pay for goods supplied, and the admitted default for

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**Reasoning:** The Petitioner supplied goods (PP Granules) to the Respondent, raising 4 invoices. The

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**Interpretation:** Operational debt is defined under Section 5(21) of the Code. The non-payment

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**Application:** The admitted amount of Rs. 1,32,05,256.12/- for the first two invoices clearly

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## Parties

- **Judges:** Reeta K…; Kavita Bha…
- **Appellants:** M/S NPV GLOBAL FZ…
- **Respondents:** M/S SNEH POLYMERS…
- **Other parties:** Vishal B…; Garima Di…
- **Advocates:** Sanket…; Azeem Tari…; +1 more

## Timeline

- **2025-12-24 — Invoice Issuance Start…**: Petitioner started raising tax…
- **2026-01-29 — Invoice Issuance End…**: Petitioner raised the last of 4…

## 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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