Siddhgiri Holdings Private Limited Vs Bhilai Jaypee Cement Limited (NCLT Cuttack)
NCLT Cuttack held that application under section 9 of the Insolvency and Bankruptcy Code for initiating Corporate Insolvency Resolution Process [CIRP] against Bhilai Jaypee Cement Limited [Corporate Debtor] is liable to be admitted since operational debt and default is proved.
Facts- The present Application has been filed on 17.08.2024 by SIDHGIRI HOLDINGS PRIVATE LIMITED (Applicant/Operational Creditor/OC) seeking to initiate Corporate Insolvency Resolution Process (CIRP) against BHILAI JAYPEE CEMENT LIMITED (the Respondent/Corporate Debtor/CD) by invoking the provisions of Section 9 of the Insolvency and Bankruptcy Code,2016 read with Rule 6 of Insolvency & Bankruptcy (Application to adjudicating Authority) Rules, 2016 for an Operational Debt of Rs.45,40,22,840.95/- and the first date of Default as stated in Part-IV of the application is 07.12.2021.
Conclusion- Held that there exist an ‘operational debt’ and ‘default’ of an amount beyond Rs. 1 Crore and there is no pre-existing dispute and all the conditions necessary under section 9 of the code are materially fulfilled and hence we are inclined to hold that there exists an outstanding operational debt, a default and accordingly the present Application under Section 9 of the Code read with Rule 6 of the Insolvency & Bankruptcy (Application to Adjudicating Authority) Rules, 2016 for initiating CIRP of BHILAI JAYPEE CEMENT LIMITED is ALLOWED and the Corporate Debtor is ‘ADMITTED’.
