# In the matter of Air Pegasus Private Limited C.P.(IB) No. 180-BB-2018

> NCLT judgment dated 2019-08-23. Citation: TCN-2019-NCLT-01801. Skyways Technics A/s, an operational creditor, filed a petition under Section 9 of the IBC,…

- **Court:** NCLT
- **Order date:** 23 Aug 2019
- **Citation:** TCN-2019-NCLT-01801
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/air-pegasus-private-limited-cpib-no-180-bb-2018-56fec26a

## Summary

### Background

Skyways Technics A/s, an operational creditor, filed a petition under Section 9 of the IBC, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Air Pegasus Private Limited, the corporate debtor, due to a default of USD 1,51,387.36. The debt arose from the sale of aircraft spare parts. The corporate debtor denied the debt, claiming disputes over the genuineness and authenticity of the services.

## Facts

Skyways Technics A/s (Operational Creditor) filed C.P.(IB)No.180/BB/2018 under Section 9 of the IBC, 2016, against M/s. Air Pegasus Private Limited (Corporate Debtor) for a default of USD 1,51,387.36. The debt arose from the sale of aircraft spare parts based on multiple purchase orders and invoices. The Operational Creditor issued a demand notice on 11.07.2017. The Corporate Debtor replied on 17.07.2017, denying the debt and claiming disputes. The Corporate Debtor had made a partial payment of USD 40,000.00 against the total outstanding of USD 1,91,387.36. The Corporate Debtor's operations were suspended on 27.07.2016, and its flying license was suspended on 22.11.2016. The Operational Creditor claimed interest at 24% p.a. on the delayed payments. The Corporate Debtor

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## Issues and analysis

### Issue 1: Whether the petition filed by the Operational Creditor is maintainable under Section 9 of the IBC, …

**Ratio:** Section 9 of the IBC, 2016 allows an operational creditor to initiate CIRP against a

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**Reasoning:** The NCLT considered the provisions of Section 9 of the IBC, 2016 and the facts presented

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**Interpretation:** Section 9 provides a mechanism for operational creditors to recover their dues

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**Application:** The NCLT found that the Operational Creditor had met the requirements of

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## Parties

- **Judges:** Rajeswara Rao…; Ashok Kumar…
- **Appellants:** Skyways Technics…
- **Respondents:** M/s Air Pegasus…

## Timeline

- **2012-04-01 — Incorporation of…**: Skyways Technics A/s…
- **2017-11-13 — Aircraft Lease…**: The Petitioner executed an…

## 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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