NCLT JUDGEMENT ON RULE 6 OF THE INSOLVENCY AND BANKRUPTCY (APPLICATION TO ADJUDICATING AUTHORITY) RULES, 2016, REGULATION 6 OF THE INSOLVENCY AND BANKRUPTCY BOARD OF INDIA (INSOLVENCY RESOLUTION PROCESS FOR CORPORATE PERSON) REGULATIONS, 2016 AND SECTION 8, 9, 9(3)(C), 9(5), 13, 14(1), 15, 17, 18, 20, 21, 31(1), 33 OF THE INSOLVENCY AND BANKRUPTCY CODE, 2016


Stellar Corporation Vs. Sumanglam Impex Pvt. Ltd., (2020) 06 NCLT CK 0072

NCLT allowed the application filed by the applicant under Section 9 of Insolvency and Bankruptcy Code, 2016 (for brevity 1BC, 2016') read with Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 (for brevity 'the Rules')  with a prayer to initiate the Corporate Insolvency Resolution Process (CIRP), against the Respondent. While allowing the application NCLT held that it is pertinent to note that the Operational Creditor has placed on record all the invoices, stating that the Corporate Debtor itself had acknowledged the said invoices. Once the debt is shown as due, it is for Corporate Debtor to prove that there are no outstanding dues to be paid to the Operational Creditor. The Corporate Debtor has time and again acknowledged its liability to pay the debt. However, no such payment has been made by the Corporate Debtor. The Operational Creditor has attached the copy of Bank statements in compliance of the requirement of Section 9(3)(c) of the IBC 2016. In view of above, we are satisfied that the present application is complete and the Operational Creditor is entitled to claim its dues, establishing the default in payment of the operational debt beyond doubt, and fulfillment of requirements under section 9(5) of the Code. Hence, the present application is admitted.

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