# In the matter of Akash Pack Tech Pvt. Ltd. IB-388(ND)-2018

> NCLT judgment dated 2018-05-14. Citation: TCN-2018-NCLT-01415. Video Technologies Pvt. Ltd., an operational creditor, filed a petition under Section 9 of the…

- **Court:** NCLT
- **Order date:** 14 May 2018
- **Citation:** TCN-2018-NCLT-01415
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/akash-pack-tech-pvt-ltd-ib-388nd-2018-cc080fb5

## Summary

### Background

Video Technologies Pvt. Ltd., an operational creditor, filed a petition under Section 9 of the Insolvency and Bankruptcy Code (IBC) seeking initiation of the Corporate Insolvency Resolution Process (CIRP) against Akash Pack Tech. Pvt. Ltd., the corporate debtor, due to its inability to liquidate outstanding dues. The operational creditor claimed that it supplied printers to the corporate debtor, raising invoices amounting to Rs. 19,81,771/- between 15.04.2017 and 15.06.2017. Despite the amount being payable within 30 days, the corporate debtor failed to make any remittance. Five cheques issued as payments were dishonored due to insufficient funds. The operational creditor issued a demand notice under Section 8 of the IBC, demanding Rs. 21,72,854/- which included the

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## Facts

Video Technologies Pvt. Ltd. (Operational Creditor) supplied printers to Akash Pack Tech. Pvt. Ltd. (Corporate Debtor). Seven invoices were raised between 2017-04-15 and 2017-06-15, totaling Rs. 19,81,771. The Corporate Debtor failed to pay within 30 days. Five payment cheques were dishonored due to insufficient funds. A demand notice was issued under Section 8 of the IBC, claiming Rs. 21,72,854 (principal and interest). The Corporate Debtor made part payments of Rs. 4,00,000 and Rs. 2,00,000 on 2018-02-01 and 2018-04-09, respectively, reducing the claimed amount to Rs. 15,72,854. Despite service, the Corporate Debtor did not appear, leading to ex parte proceedings. The failure to liquidate the debt and the absence of any dispute were key factors in admitting the

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## Issues and analysis

### Issue 1: Whether the petition filed by the operational creditor under Section 9 of the Insolvency and …

**Ratio:** Section 9 of the Insolvency and Bankruptcy Code allows an operational creditor to

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**Reasoning:** The court reasoned that the operational creditor had provided sufficient evidence of the

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**Interpretation:** Section 9 of the IBC is interpreted to provide a mechanism for operational

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**Application:** In this case, the operational creditor demonstrated the existence of a debt and

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## Parties

- **Judges:** Ina Mal…; DeepaKr…
- **Appellants:** Video Technologies…
- **Respondents:** Akash Pack Tech.…

## Timeline

- **2017-04-15 — First Invoi…**: First invoice raised by Video Technologies…
- **2017-06-15 — Last Invoic…**: Last invoice raised by Video Technologies…

## 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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