# In the matter of Goa Antibiotics & Pharmaceuticals Ltd. and Anr. Vs. Lark Chemicals Pvt. Ltd. CA (AT) No. 184-2017

> NCLAT judgment dated 2017-11-07. Citation: TCN-2017-NCLAT-00077. The case involves an appeal against the admission of an application under Section 9 of the…

- **Court:** NCLAT
- **Order date:** 7 Nov 2017
- **Citation:** TCN-2017-NCLAT-00077
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/goa-antibiotics-pharmaceuticals-ltd-and-anr-vs-lark-chemicals-pvt-ltd-ca-60021d0e

## Summary

### Background

The case involves an appeal against the admission of an application under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) by the Adjudicating Authority. Lark Chemicals Pvt. Ltd. (Operational Creditor) filed the application against Goa Antibiotics & Pharmaceuticals Limited (Corporate Debtor) alleging default in repayment of a principal amount of Rs. 1,11,30,063 along with interest. The Adjudicating Authority admitted the application and declared a moratorium. The Corporate Debtor appealed against this order.

## Facts

Lark Chemicals Pvt. Ltd. (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Goa Antibiotics & Pharmaceuticals Limited (Corporate Debtor), alleging default in repayment of a principal amount of Rs. 1,11,30,063 along with interest of Rs. 4,38,00,611 calculated at 30% per annum until May 10, 2017. The Corporate Debtor allegedly committed default from November 25, 1998. The demand notice under Section 8(1) of the IBC was issued by a legal firm, Dhruve Liladhar & Co., on behalf of the Operational Creditor. The Adjudicating Authority admitted the application, declared a moratorium, and initiated the Corporate Insolvency Resolution Process (CIRP). The Corporate Debtor appealed against this order, arguing

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## Issues and analysis

### Issue 1: Whether the demand notice issued under Section 8(1) of the Insolvency and Bankruptcy Code, 2016, by …

**Ratio:** An 'Advocate/Lawyer' or 'Chartered Accountant' or 'Company Secretary' in absence of any

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**Reasoning:** The court reasoned that the demand notice must be issued by the Operational Creditor or a

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**Interpretation:** The interpretation of Section 8 of the I&B Code and Rule 5 of the

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**Application:** In this case, the demand notice was issued by a legal firm, Dhruve Liladhar

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## Parties

- **Judges:** S.J. Mukhop…; Bansi Lal…
- **Appellants:** Goa Antibiotics &…
- **Respondents:** Goa Antibiotics &…; Lark Chemicals…

## Timeline

- **1998-11-25 — Default…**: Corporate Debtor allegedly committed…
- **2014-06-02 — Discharge from…**: M/s. Goa antibiotics & Pharmaceuticals Ltd. was discharged from the purview of SICA/BIFR…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 9 — Application for initiation of corporate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-9)

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