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2025 Supreme(Online)(NCLT) 5200
NATIONAL COMPANY LAW TRIBUNAL
Mohan P. Tiwari, Sanjeev Sharma, JJ
Rakesh Kumar Goyal – Appellant
Versus
Shri Paramsukh Edible Foods Pvt Ltd – Respondent
CIRP|CP(IB)/86(MP)2023
For the Applicant: Dr. Hiten Parikh, Vivek Zalavadiya
For the Respondent: Mr. Sanjeev Chaudhary
The court established that an operational debt existed and that the corporate debtor committed default in payment, confirming the applicability of CIRP under the IBC 2016.
Headnote:(A) Insolvency and Bankruptcy Code, 2016 - Section 9 - Operational debt claimed by the Applicant for unpaid invoices - Respondent admitted to partial payments but disputed total amount claimed and supply of goods - Tribunal established existence of operational debt and default - Moratorium declared under Section 14.(Paras 18, 20, 23, 26)
(B) Moratorium - Nature and effect - Prohibiting suits and actions against the Corporate Debtor to ensure fair resolution process - Conditions under which the CIRP is initiated are strictly adhered to.(Paras 23, 25)
Facts of the case:
The applicant provided agricultural products and alleged unpaid debt of over Rs. 1.42 crore. Various communications were made to recover dues, resulting in this petition for insolvency resolution. Documents supporting the claim included invoices and TDS evidence.
Findings of Court:
The application met all regulatory requirements, operational debt proven, and circumstances satisfied for initiating Corporate Insolvency Resolution Process, confirming that the amount was due and there was no legitimate dispute regarding the operational debt.
Issues: Determining the existence of operational debt considering acknowledged TDS deducted by the Corporate Debtor and absence of any pre-existing dispute.
Ratio Decidendi: The tribunal concluded that under IBC provisions and established case law, the applicant successfully demonstrated an operational debt exceeding the threshold, with the trial process validating claims and enforcing a moratorium as per statutory norms on the Corporate Debtor.
Result: This application for admitting the Corporate Debtor into Corporate Insolvency Resolution Process is granted.
| Table of Content |
|---|
| 1. filing of petition under ibc for operational debt. (Para 1 , 2 , 3 , 4 , 5) |
| 2. tribunal's observations on documentation and claim validity. (Para 6 , 7 , 12 , 16 , 17 , 18 , 19 , 21) |
| 3. arguments with respect to alleged non-supply of goods and acceptance. (Para 8 , 9 , 10 , 15) |
| 4. criteria for operational debt and initiation of cirp. (Para 20 , 22 , 23) |
| 5. final order and admission of application for cirp. (Para 24 , 25 , 26) |
ORDER
Per: Mohan Prasad Tiwari Member Judicial
1. The Petition was filed by Mr. Rakesh Kumar Goyal, Proprietor of M/s Mohini Food Product under Section 9 of The Insolvency and Bankruptcy Code, 2016 [hereinafter referred to as "the Code"] read with Rule 6 of The Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 [hereinafter referred to as "the Rules"], as operational creditor/applicant.
2. The Applicant/Operational creditor, Proprietor of the concern M/s Mohini Food Product is having PAN AJYPG4276H and GST No. 09AJYPG4276H1ZK and having registered office at Agra, Uttar Pradesh is in the business of supplying Various Agriculture related products like Mustard Seeds.
3. The respondent/corporate debtor is a private limited company incorporated under the provisions Companies Act, 2013 on 3rd February, 2020 and having identification No. U51909MP2020PTC050852 and having registered office at Gwalior, Madhya Pradesh State. Authorised share capital of the respondent company is Rs. 1,00,00,000/- and paid-up share capital is Rs. 54,99,990/-.
4. It is stated by the applicant that, he had supplied Mustard Seeds to the respondent and had raised invoices from time to time. It is further stated 8 (eight) invoices raised during the period from 05.08.2021 to 31.08.2021 remained unpaid as unpaid operational debt. Copy of invoices and E-Way bills are annexed to the application. The applicant has annexed to the application detailed computation of the outstanding invoices as well as part payment received. According to the applicant, net amount of Rs. 1,42,46,178/- (Rupees One Crore Forty-Two Lakh Forty-Six Thousand One Hundred Seventy-Eight Only) along with interest thereon amounting to 28,58,480/- (Rupees Twenty-Eight Lakhs Fifty-Eight Thousand Four Hundred and Eighty Only) calculated @ 12% p.a. for the period from the due date of invoice till 10.05.2023 (i.e. date of demand notice) is due and payable by the respondent towards supply of goods during the period from 05.08.2021 to 31.08.2021. The Applicant has submitted copy of the ledger account of the Corporate Debtor from the books of the Operational Creditor to substantiate the claim. Transaction between parties were continuous and the corporate debtor has made few partial payments with respect to the invoices raised by the Operational Creditor for the Goods delivered. Thereafter the operational creditor has requested corporate debtor on various occasions for the payment of outstanding dues.
5. The applicant has further submitted that having failed to receive the operational debt due and payable by the respondent, the petitioner was compelled to Issue notice to the respondent under section 8 in form No. 3 & 4 dated 10.05.2023 (page 496-503). The applicant filed application supported with affidavit, affidavit in compliance of section 9(3)(b) of the IB Code, unpaid/part paid invoices, E-Way Bills, Computation of the outstanding invoices, Ledger Account, GST Returns and Bank Account of the petitioner and demand notice in form 3 & 4.
6. On perusal of the records it is found that the instant petition filed on 20th July, 2023 was notified for the first time on 13.10.2023 wherein PCA Vivek Zalavadiya had appeared and this Tribunal directed the applicant to issue notice to the respondent. Thereafter, upon direction of this Tribunal, applicant filed one interlocutory Application bearing IA 307 (MP) of 2024 to take on record the name of the Applicant as Rakesh Kumar Goyal, proprietor of M/s Mohini Food Product which was allowed by our order dated 14
