# SAHASTRAA EXPORTS PVT. LTD. vs. GLOBE PANEL INDUSTRIES INDIA PRIVATE LIMITED

> NCLT judgment dated 2026-08-19. Citation: TCN-2026-NCLT-00888. SAHASTRAA EXPORTS PVT. LTD. (Operational Creditor) filed an application under Section 9 of the…

- **Court:** NCLT
- **Order date:** 19 Aug 2026
- **Citation:** TCN-2026-NCLT-00888
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-new-delhi/sahastraa-exports-pvt-ltd-vs-globe-panel-industries-india-private-limited-qacw5

## Summary

### Background

SAHASTRAA EXPORTS PVT. LTD. (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against GLOBE PANEL INDUSTRIES INDIA PRIVATE LIMITED (Corporate Debtor). The application sought to recover an operational debt of Rs. 1,33,47,841/- arising from the supply of various chemicals between June 2025 and September 2025, for which 9 invoices remained unpaid and cheques issued by the Corporate Debtor were dishonored.

## Facts

SAHASTRAA EXPORTS PRIVATE LIMITED (Applicant/Operational Creditor) filed an application under Section 9 of the IBC, 2016, against GLOBE PANEL INDUSTRIES INDIA PRIVATE LIMITED (Respondent/Corporate Debtor).

The application seeks to initiate Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor for an operational debt of Rs. 1,33,47,841/-.

The Applicant is a corporate entity engaged in the business of exports, imports, distributors, merchants, and traders.

Between June 2025 and September 2025, the Corporate Debtor placed orders for various chemicals, which the Operational Creditor supplied.

The Applicant raised 16 invoices, out of which 9 invoices, due between 4th September 2025 and 4th December 2025, remain outstanding and unpaid.

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## Issues and analysis

### Issue 1: Whether the debt is an Operational debt and such debt exceeds the threshold as Per Section 4(1) Of …

**Ratio:** The claim arises from the supply of goods and services, constituting an 'operational

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**Reasoning:** Documents on record, including purchase orders (Annexure A6), invoices (Annexure A5), and

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**Interpretation:** Section 5(21) of the IBC defines 'operational debt' as a claim in respect of

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**Application:** The transaction between the parties, involving the supply of chemicals,

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## Parties

- **Judges:** JYOTSNA S…; Anu Jagmoha…
- **Appellants:** SAHASTRAA EXPORTS…
- **Respondents:** GLOBE PANEL…
- **Other parties:** Committee of…; Ibrahim Z.…; +3 more
- **Advocates:** Abhishek…; Vagisha Tr…; +1 more

## Timeline

- **2025-06-01 — Start of Suppl…**: Corporate Debtor placed orders for…
- **2025-09-30 — End of Supply…**: Corporate Debtor placed orders for…

## 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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