# In the matter of Atlantis Life Sciences Pvt. Ltd. C.P. No. 65-I&BP-2018

> NCLT judgment dated 2018-08-07. Citation: TCN-2018-NCLT-00993. Pariman Enterprises Pvt. Ltd. filed a Company Petition seeking to initiate the Corporate…

- **Court:** NCLT
- **Order date:** 7 Aug 2018
- **Citation:** TCN-2018-NCLT-00993
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/atlantis-life-sciences-pvt-ltd-cp-no-65-ibp-2018-a05ab8a6

## Summary

### Background

Pariman Enterprises Pvt. Ltd. filed a Company Petition seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against Atlantis Life Sciences Pvt. Ltd., alleging default in payment of Rs. 14,37,808/- based on various invoices. The Corporate Debtor allegedly defaulted on 29.12.2015. The petitioner, Pariman Enterprises, is in the business of manufacturing package materials and supplied printed cartons to Atlantis Life Sciences from 15.11.2014 to 31.12.2014, raising 16 invoices. The invoices were payable within 7 days, with a 24% p.a. interest clause for late payment. A demand notice was issued on 02.12.2017.

## Facts

Pariman Enterprises Pvt. Ltd. (the Petitioner) is in the business of manufacturing package materials. Atlantis Life Sciences Pvt. Ltd. (the Corporate Debtor) allegedly defaulted on payments. The Petitioner supplied printed cartons to the Corporate Debtor from 15.11.2014 to 31.12.2014, raising 16 invoices totaling Rs. 14,37,808/-. The invoices were payable within 7 days, with a 24% p.a. interest clause for late payments. The Petitioner issued a demand notice to the Corporate Debtor on 02.12.2017, claiming Rs. 14,37,808/- plus interest. The Corporate Debtor did not respond to the demand notice. The Petitioner filed an affidavit stating that the Corporate Debtor did not issue any notice of dispute. The Corporate Debtor's counsel admitted the liability and default. The

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## Issues and analysis

### Issue 1: Whether the Company Petition filed by Pariman Enterprises Pvt. Ltd. seeking to initiate the …

**Ratio:** Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016 allows an operational

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**Reasoning:** The court considered the evidence presented by the operational creditor, including

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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 court found that the operational creditor had met the

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## Parties

- **Judges:** Bhaskara Pantula…; V. Nallasen…
- **Appellants:** Pariman Enterprise…
- **Respondents:** Atlantis Life…

## Timeline

- **2014-11-15 — Supply of Carto…**: Pariman Enterprises Pvt. Ltd. started supplying printed Babael cartons to Atlantis Life…
- **2014-12-31 — Supply of Cart…**: Pariman Enterprises Pvt. Ltd. completed the supply of printed Babael cartons to Atlantis…

## 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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