# In the matter of Ayurwin Pharma Private Limited CP (IB) No. 186-BB-2018

> NCLT judgment dated 2019-09-27. Citation: TCN-2019-NCLT-01209. The case C.P.(IB)No.186/BB/2018 was filed by M/s.Natural Capsules Private Limited, the…

- **Court:** NCLT
- **Order date:** 27 Sept 2019
- **Citation:** TCN-2019-NCLT-01209
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/ayurwin-pharma-private-limited-cp-ib-no-186-bb-2018-9dbfc32d

## Summary

### Background

The case C.P.(IB)No.186/BB/2018 was filed by M/s.Natural Capsules Private Limited, the Petitioner/Operational Creditor, under Section 9 of the IBC, 2016 read with Rule 6 of the I&B (Application to Adjudicating Authority) Rules, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against M/s.Ayurwin Pharma Private Limited, the Respondent/Corporate Debtor, on the ground of default for a total outstanding amount of Rs.26,68,570/-. The case was listed for admission on multiple dates.

## Facts

M/s.Natural Capsules Private Limited, an operational creditor, filed C.P.(IB)No.186/BB/2018 under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s.Ayurwin Pharma Private Limited, the corporate debtor. The basis for the application was a default on an outstanding amount of Rs.26,68,570/-. The case was listed for admission on various dates, including 25.10.2018, 31.10.2018, 05.11.2018, 06.12.2018, 01.01.2019, 18.01.2019, 05.02.2019, 26.02.2019, 25.03.2019, 11.04.2019, 25.04.2019, 10.05.2019, 31.05.2019, 17.06.2019, 24.06.2019, 27.06.2019, 29.07.2019, 14.08.2019, 20.08.2019, 13.09.2019 and 27.09.2019. However, neither the petitioner nor the counsel for the petitioner appeared

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## Issues and analysis

### Issue 1: Whether the petition filed by the operational creditor should be admitted for initiating the …

**Ratio:** The ratio is that a petition for initiating CIRP can be dismissed if the operational

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**Reasoning:** The court reasoned that the consistent absence of the petitioner and their counsel

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**Interpretation:** The interpretation is that the IBC requires the operational creditor to

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**Application:** In this case, the petitioner's absence on multiple hearing dates, including the

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## Parties

- **Judges:** Rajeswara Rao…; Ashok Kumar…
- **Appellants:** M/s.Natural…
- **Respondents:** M/s.Ayurwin…

## Timeline

- **2018-10-25 — Case Listed for…**: The case was listed for admission; however, neither the Petitioner nor the Counsel for…
- **2018-10-31 — Case Listed for…**: The case was listed for…

## 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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