# NARINDRA & NARINDRA STEEL CORPORATION vs. SWADESH GREEN INFRA LIMITED

> NCLT judgment dated 2026-07-08. Citation: TCN-2026-NCLT-00615. M/s. Narindra & Narindra Steel Corporation (Operational Creditor) filed an application under…

- **Court:** NCLT
- **Order date:** 8 Jul 2026
- **Citation:** TCN-2026-NCLT-00615
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-new-delhi/narindra-narindra-steel-corporation-vs-swadesh-green-infra-limited-o4pl6

## Summary

### Background

M/s. Narindra & Narindra Steel Corporation (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) against M/s. Swadesh Green Infra Limited (Corporate Debtor) for initiating the Corporate Insolvency Resolution Process (CIRP). The application was based on a default of Rs. 1,03,32,546.17, arising from an advance payment made by the Operational Creditor for the supply of iron and steel products. The Corporate Debtor failed to supply the remaining material and subsequently issued a cheque for repayment, which was dishonoured.

## Facts

M/s. Narindra & Narindra Steel Corporation (Applicant/Operational Creditor) filed an application under Section 9 of the IBC against M/s. Swadesh Green Infra Limited (Respondent/Corporate Debtor) for initiating CIRP.

The application seeks to declare a moratorium and appoint an Interim Resolution Professional (IRP).

The Corporate Debtor defaulted on a payment of Rs. 1,03,32,546.17.

The Applicant is engaged in the business of sale, purchase, and supply of iron materials/products.

The Corporate Debtor represented itself as being engaged in the trading of Iron and Steel products and capable of meeting bulk requirements.

The Applicant placed Purchase Order No. NNSC-PO-2425-146 dated 24.05.2024 and issued Proforma Invoice No. SOIL/24-25/PI/02 dated 24.05.2024.

…

## Issues and analysis

### Issue 1: Whether the claim of the Applicant constitutes an “Operational Debt" within the meaning of …

**Ratio:** An advance payment intrinsically linked to a commercial transaction for the purchase and

…

**Reasoning:** The payment was not a standalone financial transaction or loan. It was made against a

…

**Interpretation:** Sections 5(20) and 5(21) of the IBC define "operational debt" and

…

**Application:** The Applicant's claim of Rs. 1,03,32,546.17, being the balance advance for

…

## Parties

- **Judges:** BACHU VENKAT…; RAVINDRA CHATURVED…
- **Appellants:** NARINDRA &…; Narendra…
- **Respondents:** SWADESH GREEN…
- **Other parties:** Committee of…; Ravi G…; +1 more
- **Advocates:** Tushar N…; Rakesh Mu…; +2 more

## Timeline

- **2024-05-24 — Purchase Order and…**: Applicant placed Purchase Order No. NNSC-PO-2425-146 and issued Proforma Invoice No.…
- **2024-06-24 — Invoices Raised &…**: Corporate Debtor raised invoices and supplied material worth Rs. 17,24,13,567.02/-…

## 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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