Bhagwati Trading Co. Vs Premium Laminators Private Limited (NCLT Delhi)
Summary: The National Company Law Tribunal, Principal Bench, New Delhi, admitted the Section 9 petition filed by M/s Bhagwati Trading Co. through its proprietor Mr. Pradeep Kumar Bansal against M/s Premium Laminators Private Limited for initiation of Corporate Insolvency Resolution Process (CIRP). The order was reserved on 29.07.2026 and pronounced on 05.08.2026..
The Operational Creditor, a proprietorship concern engaged in supplying paper, claimed outstanding operational debt of Rs. 2,67,59,096/- along with interest at 24% per annum. The petitioner stated that supplies were made against orders raised by the Corporate Debtor and that the parties maintained a running account. According to the petitioner, Rs. 2,69,75,851.12/- became due as on 31.12.2025 and the Corporate Debtor acknowledged the amount by forwarding its ledger through email dated 01.01.2026. A demand notice under Section 8 of the IBC was issued on 12.03.2026, following which the Section 9 petition was filed on 11.04.2026.
The Corporate Debtor opposed admission on the ground that a bona fide pre-existing dispute existed much before the demand notice. It relied principally on WhatsApp communications exchanged between November 2020 and April 2026 concerning alleged sub-standard and defective paper supplies, delivery failures and consequential financial losses. It also contended that the petition was being used as a recovery mechanism rather than as a remedy for insolvency. The Corporate Debtor further stated that settlement discussions continued even after the demand notice and that Rs. 20,00,000/- was paid through RTGS on 14.04.2026 as part of the conciliation process.
