ORDER

PER: MANNI SANKARIAH SHANMUGA SUNDARAM, MEMBER (JUDICIAL)

1. The present application I.A. No. 4917/ND/2025 in C.P. (IB) No. 540/ND/2022 has been filed under section 13(1), 14(1), 16(1), 16(3) r/w section 60(5) of the Insolvency and Bankruptcy Code, 2016 (“Code/IBC”) by the Operational Creditor seeking initiation of Corporate Insolvency Resolution Process (“CIRP”) against Corporate Debtor, declaration of moratorium and appointment of an Interim Resolution Professional (“IRP”).

2. The Applicant has made the following prayers in this application:

I. “Initiate CIRP against the Corporate Debtor in view of Order dated 11.09.2025 passed by the Hon’ble NCLAT in Company Appeal (AT) Insolvency No. 2149 of 2024 titled ‘KNK Ship Management vs. Thirani Industries Ltd'; AND

II. Declare that the moratorium under Section 14 of the IBC stands imposed; AND

III. Make a reference to the Insolvency and Bankruptcy Board of India (“IBBI”) for recommendation of an insolvency professional who may act as an interim resolution professional (“IRP”) in accordance with Section 16(3)(a) of the IBC; AND /OR

IV. Pass such other order as this Hon’ble Tribunal may deem fit and proper in the facts and circumstances of the case.”

Contentions of the Applicants

3. Brief facts of the case and contentions of the applicants as mentioned in the instant application are as follows:

i. The case was originally filed by the Operational Creditor u/s 9 of the IBC r/w Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 (“IBC Rules”) for initiation of CIRP against Thirani Industries Ltd. (“Respondent / Corporate Debtor”) on account of default in payment of Operational Debt amounting to Rs. 2,25,87,068/- to the Applicant.

ii. Vide Order dated 24.09.2024, this Adjudicating Authority had rejected the above-captioned application for initiation of the CIRP on the grounds that (i) the Demand Notice issued by the Operational Creditor was not valid, and (ii) there was a pre-existing dispute between the Parties arising out of alleged deficiency of service on part of the Operational Creditor, and the same was raised prior to the issuance of Demand Notice.

iii. Aggrieved by the said Order dated 24.09.2024, the Operational Creditor filed Company Appeal (AT) Insolvency No. 2149 of 2024 titled ‘KNK Ship Management vs. Thirani Industries Ltd.’ (“Appeal”) before the Hon’ble National Company Law Appellate Tribunal (“NCLAT”) challenging the said Order passed by this Adjudicating Authority.

iv. The Hon’ble NCLAT, after duly considering submissions made by both parties in the Appeal, vide its order dated 11.09.2025, was pleased to set aside the Order dated 24.09.2024 passed by this Adjudicating Authority and accordingly allowed the appeal of the Operational Creditor.

v. Applicants submit that consequently, the above-captioned Section 9 Application for initiation of CIRP is deemed to be admitted, and the CIRP against the Corporate Debtor is required to commence.

4. Vide Order dated 09.10.2025, this Adjudicating Authority had directed the applicant to file a copy of the Company Appeal (AT) Insolvency No. 2149 of 2024 titled ‘KNK Ship Management vs. Thirani Industries Ltd’ which was filed before the Hon’ble NCLAT. The copy of the appeal was duly filed by the applicant.

Findings

5. We have heard the arguments advanced by the Ld. Counsel for the Applicant and have perused the documents on record.

6. The present application bearing C.P. (IB) 540/ND/2022 was filed under section 9 IBC by the Operational Creditor for initiation of CIRP against the Corporate Debtor. This Adjudicating Authority vide dated 24.09.2024 had rejected the above-captioned application on the grounds that (i) the Demand Notice issued by the Operational Creditor was not valid, and (ii) there was a pre-existing dispute between the Parties arising out of alleged deficiency of service on part of the Operational Creditor, and the same was raised prior to the issuance