# Chemicorp Specialties India LLP vs. Jayant Specialties Private Limited

> NCLT judgment dated 2026-10-01. Citation: TCN-2026-NCLT-01079. Chemicorp Specialties India LLP (Operational Creditor) filed a Company Petition under Section 9…

- **Court:** NCLT
- **Order date:** 1 Oct 2026
- **Citation:** TCN-2026-NCLT-01079
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-mumbai/jayant-specialities-private-limited-dwpmk

## Summary

### Background

Chemicorp Specialties India LLP (Operational Creditor) filed a Company Petition under Section 9 of the IBC, 2016, to initiate CIRP against Jayant Specialties Private Limited (Corporate Debtor) for an alleged default of Rs. 5,02,41,461.00. The Operational Creditor supplied chemical materials to the Corporate Debtor on credit, with a stipulated interest of 21% p.a. for delayed payments. Despite multiple demands, legal notices, and account confirmations, the Corporate Debtor failed to clear the outstanding dues. The Corporate Debtor contended a pre-existing dispute regarding the interest and the appropriation of payments, alleging coercion in signing confirmations and citing business difficulties.

## Facts

Chemicorp Specialties India LLP (Operational Creditor) filed a Company Petition (C.P. (IB) 294/MB/2026) on 19.03.2026 under Section 9 of the IBC, 2016, against Jayant Specialties Private Limited (Corporate Debtor).

The Operational Creditor is a Partnership Firm registered under the Partnership Act, 1932, and is engaged in the business of supplying chemical materials.

The Corporate Debtor purchased chemical materials from the Operational Creditor under various Purchase Orders issued between May 2023 and August 2024.

The total value of the invoices raised by the Operational Creditor amounted to Rs. 3,36,15,612/-.

The Purchase Orders and Tax Invoices stipulated a credit period of 120 days and an interest rate of 21% p.a. on delayed payments.

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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:** An operational debt exists when there is a claim in respect of the provision of goods or

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**Reasoning:** The Operational Creditor supplied chemical materials worth Rs. 3,36,15,612/-. The

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**Interpretation:** The consistent supply of goods and the terms on the invoices, coupled with the

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**Application:** The Tribunal found that the Operational Creditor provided sufficient evidence

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## Parties

- **Judges:** NILESH S…; SAMEER…
- **Appellants:** Chemicorp…
- **Respondents:** Jayant Specialties…
- **Other parties:** Committee of…; Jayantilal B.…; +2 more
- **Advocates:** Yahya Bata…; Uma Chatt…; +1 more

## Timeline

- **2023-05 — Initial Business…**: Jayant Specialties Private Limited (Corporate Debtor) approached Chemicorp Specialties…
- **2023-05-28 — Start of Purcha…**: Purchase Orders issued by the Corporate…

## 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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