# M/S SAI KRIPA INDENTING vs. SNEH OLEFINS PRIVATE LIMITED

> NCLT judgment dated 2026-09-01. Citation: TCN-2026-NCLT-00902. M/s Sai Kripa Indenting (Operational Creditor) filed a petition under Section 9 of the…

- **Court:** NCLT
- **Order date:** 1 Sept 2026
- **Citation:** TCN-2026-NCLT-00902
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-jaipur/ms-sai-kripa-indenting-vs-sneh-olefins-private-limited-ecjiv

## Summary

### Background

M/s Sai Kripa Indenting (Operational Creditor) filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Sneh Olefins Private Limited (Corporate Debtor) for an unpaid operational debt of Rs. 38,28,15,122.64/-. The debt arose from the supply of polymer products on 45-day credit terms between December 2024 and September 2025. The Corporate Debtor acknowledged the debt but cited liquidity constraints due to SARFAESI actions by its secured lenders (State Bank of India, Punjab National Bank) as the reason for non-payment.

## Facts

M/s Sai Kripa Indenting (Operational Creditor) filed a petition under Section 9 of the IBC, 2016, against Sneh Olefins Private Limited (Corporate Debtor).

The petition seeks to initiate Corporate Insolvency Resolution Process (CIRP) due to alleged non-payment of operational dues amounting to Rs. 38,28,15,122.64/- as on 17.03.2026.

The Operational Creditor is a proprietary trading firm supplying polymer products, and the Corporate Debtor is engaged in wholesale trading of similar products.

The Operational Creditor supplied polymer products to the Corporate Debtor from December 2024 to September 2025 on agreed credit terms of 45 days.

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## Issues and analysis

### Issue 1: Whether there exists an operational debt due and payable by the Corporate Debtor to the Operational …

**Ratio:** The existence of an operational debt exceeding the statutory threshold, which is due and

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**Reasoning:** The material on record established that transactions arose from the supply of polymer

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**Interpretation:** An acknowledged and undisputed liability for goods supplied, meeting the

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**Application:** The Tribunal found that the existence of an operational debt exceeding the

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## Parties

- **Judges:** Reeta K…; Kavita Bha…
- **Appellants:** M/S SAI KRIPA…
- **Respondents:** SNEH OLEFINS…
- **Other parties:** Vishal B…; State Bank of…; +3 more
- **Advocates:** Abhirup Das…; Sanket…; +3 more

## Timeline

- **2024-12-01 — Commencement of…**: M/s Sai Kripa Indenting commenced supply of polymer products to Sneh Olefins Private…
- **2025-02-04 — Earliest Default…**: Default commenced on the earliest invoice (SKI/24-25/494 dated 20.12.2024), which fell…

## 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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