IN THE NATIONAL COMPANY LAW TRIBUNAL

SPECIAL BENCH-II, CHENNAI

CP(IB)/ 50/ 2025

(filed under Section 9 of the Insolvency and Bankruptcy code, 2016 and Rule 6 of Insolvency

and Bankruptcy (application to adjudicating authority Rules,2016)

In the Matter of Jaisuba Agro Products Pvt Ltd

NARPAVI TRADERS

Represented by its proprietor Manogar Ganesh

Having its Registered OfÏce at:

142-A, Ground floor, Muthiaia Mudaliar Street,

Multhiyalpet, Pudducherry – 605 003.

…Operational Creditor/Petitioner

Versus

JAISUBA AGRO PRODUCTS PRIVATE LIMITED

D.No.3/4,5 Dindigul Road, Salai Pudur ,

Oddanchatram- 624 619.

Dindigul, Tamilnadu.

… Corporate Debtor/Respondent

Order Pronounced on 24th July2025

CORAM

SHRI SANJIV JAIN, MEMBER (JUDICIAL)

SHRI RAVICHANDRAN RAMASAMY, MEMBER (TECHNICAL)

Present:

For Petitioner : Mr.Vignesh hariharan, Mr.P.V.Balasubramaniam, Advocate

For Respondent :Mr.Arun Kumar, Mr.Abdus Salam Advocates

ORDER

(Hearing conducted through Hybrid Mode)

1. This application has been filed under Section 9 of the Insolvency and Bankruptcy code, 2016 by Narpavi Traders (hereinafter referred to as ‘Operational Creditor’) seeking to initiate Corporate Insolvency Resolution Process against

Jaisuba Agro Products Private Limited (hereinafter referred to as ‘Corporate Debtor’).

2. In Part-I of the application, it is averred that the Operational Creditor is a Company having GSTIN as 34АРОРG4067L3ZH and its registered ofÏce at 142-

A,Ground Floor, Muthiaia Mudaliar Street, Muthiyalpet, Pudducherry 605 003.

3. In Part-II of the application, it is stated that the Corporate Debtor is a Company registered under companies Act, 2013 having CIN as U15400TZ2020PTC034151 and its registered ofÏce at D.NO.3/4,5, Dindigul Road, Salai Pudur, Oddanchatram Dindigul, Tamilnadu,- 624 619.

4. In Part-III of the application, the Operational Creditor has not proposed any Insolvency Professional to act as a Resolution Professional.

5. In Part-IV of the Petition, it is stated that the total outstanding Debt as Rs.9,50,03,340/-. The date of default is 20.12.2023.

6. Part-V of the application, describes the particulars of the Operational debtor, documents, records and evidence of the default as below:

a) Copy of Invoices with e-way bills dated from 20.12.2023 to 29.01.2024.

b) Demand Notice under Form 3 of IBC (Application to Adjudicating Authorities) Rules 2016 dated 31.08.2024.

c) Copy of the ledger of the Corporate Debtor in the books of the Operational Creditor.

d) Copy of computation showing the details of the outstanding amount and date of default.

Petitioner Submissions

7. It is stated that, the operational creditor was primarily engaged in the business of supplying milk cream, butter, skimmed milk and milk powder. It is further submitted that the corporate debtor, was engaged in the business of buying and selling agricultural produce and dairy products.

8. It is submitted that the operational creditor had supplied the milk cream products to corporate debtor from 20.12.2023 to 29.01.2024. In pursuant to the supplies, the operational creditor raised invoices upon the corporate debtor.

9. It is submitted that the corporate debtor failed to make the payment for the outstanding dues against the invoices from 20.12.2023 to 29.01.2024 for the sum of Rs.9,50,03,340/-. The relevant portion is as follows:

10. It is submitted that, the operational creditor made multiple attempts to receive the outstanding dues from the corporate debtor.

11. It is submitted that as no money was forthcoming to operational creditor, the operational creditor issued a Demand Notice on 31.08.2024 as per Section 8(1) in Form 3 of the Insolvency and Bankruptcy Code, 2016 (hereinafter ‘IBC’) demanding to pay the acknowledged liability of Rs.9,50,03,340/-.

12. It is stated that the corporate debtor received the demand notice dated 31.08.2024 on 04.09.2024, well before the expiry of 10 days from the date of demand notice.

13. It is submitted that the corporate debtor sent a reply notice dated 24.09.2024, wherein the corporate debtor has admitt