# Stove Kraft Ltd. vs. Pathways Retail Private Limited

> NCLT judgment dated 2026-05-04. Citation: TCN-2026-NCLT-00537. Stove Kraft Ltd. (Operational Creditor) initiated CIRP against Pathways Retail Private Limited…

- **Court:** NCLT
- **Order date:** 4 May 2026
- **Citation:** TCN-2026-NCLT-00537
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-new-delhi/stove-kraft-ltd-vs-pathways-retail-private-limited-gdgli

## Summary

### Background

Stove Kraft Ltd. (Operational Creditor) initiated CIRP against Pathways Retail Private Limited (Corporate Debtor) under Section 9 of the IBC, 2016, for an unpaid operational debt of Rs. 5,87,90,837/- plus 18% interest from 03.01.2024. The debt arose from a supply agreement for kitchen appliances, with invoices totaling over Rs. 6.8 Crores. After adjustments, Rs. 6,37,12,107/- remained due. A legal notice and a demand notice were served, but the Corporate Debtor failed to respond or make payment. A previous settlement attempt, recorded in an order dated 19.11.2024, did not materialize, leading to the revival of the petition.

## Facts

Stove Kraft Ltd. (Operational Creditor) filed an application under Section 9 of IBC, 2016 against Pathways Retail Private Limited (Corporate Debtor) for initiating Corporate Insolvency Resolution Process (CIRP).

The Corporate Debtor failed to pay an operational debt of Rs. 5,87,90,837/- along with interest @18% per annum from 03.01.2024 (INR 52,91,175/-).

A Supply Agreement was entered into on 09.09.2022 by and between Corporate Debtor and the Operational Creditor, with a payment term of 21 days from the invoice date.

Under the Supply Agreement, invoices exceeding INR 15 Crores were raised, with the petition specifically relating to invoices totaling INR 6,80,34,066/-.

…

## Issues and analysis

### Issue 1: Whether there is an operational debt due …

**Ratio:** An undisputed operational debt and default, coupled with the Corporate Debtor's failure

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**Reasoning:** The Operational Creditor presented a Supply Agreement, purchase orders, invoices, and a

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**Interpretation:** The NCLT interpreted the lack of a dispute and the Corporate Debtor's prior

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**Application:** The evidence on record, including the non-response to the demand notice and the

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## Parties

- **Judges:** Sh. Ashok Kumar…; ATUL CHAT…
- **Appellants:** Stove Kraf…
- **Respondents:** Pathways Retail…
- **Other parties:** Committee of…; Rajesh Kumar…
- **Advocates:** Abhishek…; Rupesh…; +3 more

## Timeline

- **2022-09-09 — Supply Agr…**: A Supply Agreement was entered into between the Corporate Debtor and the Operational…
- **2023-10-30 — Purchase Order…**: Multiple Purchase Orders (PO23510153, PO23310171, PO23610127, PO23210193, PO23410127)…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 8 — Insolvency resolution by operational creditor](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-8)

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