# In the matter of Ayurwin Pharma Pvt. Ltd. C.P. (IB) No. 266-BB-2019

> NCLT judgment dated 2020-02-05. Citation: TCN-2020-NCLT-02074. The case pertains to an application filed under Section 9 of the Insolvency and Bankruptcy Code…

- **Court:** NCLT
- **Order date:** 5 Feb 2020
- **Citation:** TCN-2020-NCLT-02074
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/ayurwin-pharma-pvt-ltd-cp-ib-no-266-bb-2019-1e0dff9f

## Summary

### Background

The case pertains to an application filed under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016, read with Rule 6 of the I&B (Application to Adjudicating Authority) Rules, 2016, by M/s. Dentsu Aegis Network Communications India Private Limited (the Operational Creditor) against M/s. Ayurwin Pharma Pvt. Ltd (the Corporate Debtor). The Operational Creditor sought to initiate the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor based on an alleged default of Rs. 12,58,27,633/-. The debt arose from unpaid invoices for media services provided by Carat Media Services Private Limited, which later demerged into the Operational Creditor. The Corporate Debtor failed to make full payments despite issuing cheques that were subsequently

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## Facts

M/s. Dentsu Aegis Network Communications India Private Limited (formerly known as Posterscope Outdoor Advertising Pvt Ltd) filed a petition against M/s. Ayurwin Pharma Pvt. Ltd under Section 9 of the Insolvency and Bankruptcy Code, 2016, claiming a default of Rs. 12,58,27,633/-. Ayurwin Pharma Pvt. Ltd was incorporated on 02.11.2011. The debt originated from an agreement between Ayurwin Pharma and Carat Media Services Private Limited, where Carat Media provided media services. Carat Media raised invoices for these services, with payments due within 30 days of the invoice date. Ayurwin Pharma failed to make full payments, leading Carat Media to follow up. Ayurwin Pharma issued four cheques towards partial payment, but the initial tranche was dishonored. Criminal

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## Issues and analysis

### Issue 1: Whether the application under Section 9 of the IBC, 2016 is maintainable for initiating Corporate …

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

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**Reasoning:** The court considered the pleadings of the Petitioner and the extant provisions of the

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**Interpretation:** Section 9 provides the framework for operational creditors to initiate CIRP.

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

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## Parties

- **Judges:** Rajeswara Rao…; Ashutosh C…
- **Respondents:** M/s. Ayurwin…

## Timeline

- **2011-11-02 — Incorporation of…**: M/s. Ayurwin Pharma Pvt.…
- **2014-03-20 — Agreement with Carat…**: Corporate Debtor entered into an agreement with Carat Media Services Private Limited 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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