Sai Kripa Indenting Vs Sneh Olefins Private Limited (NCLT Jaipur)
Summary: The National Company Law Tribunal, Jaipur Bench, admitted a petition under Section 9 of the [Insolvency and Bankruptcy Code, 2016](https://taxguru.in/corporate-law/president-assents-insolvency-bankruptcy-code-2016.html?utm_source=chatgpt.com) filed by M/s Sai Kripa Indenting against Sneh Olefins Private Limited for non-payment of operational dues of Rs. 38,28,15,122.64/-.
The Operational Creditor stated that it had supplied polymer products, including plastic granules, PP granules, HDPE granules and PP woven fabric, to the Corporate Debtor from December 2024 onwards on 45-day credit terms. Between 20.12.2024 and 30.09.2025, 116 tax invoices aggregating to Rs. 38,44,70,545/- were raised. After adjustments towards reverse supplies, TDS deductions and payments, the ledger balance was stated to be Rs. 38,28,15,122.64/-. A demand notice under Section 8 of the Code was served on 15.02.2026, followed by reminders dated 28.02.2026 and 17.03.2026.
The Corporate Debtor acknowledged receipt of the polymer supplies and accepted that operational dues reflected in its reconciled books were owing and payable, while seeking reconciliation of individual entries. It attributed its inability to pay to enforcement proceedings initiated by secured lenders under the SARFAESI Act, including a demand notice under Section 13(2), and referred to possession proceedings, an OTS proposal with State Bank of India and proposed induction of investors.
