# In the matter of Dadi Impex Private Limited CP No. 1562-IBC-NCLT-MB-MAH-2017

> NCLT judgment dated 2018-05-22. Citation: TCN-2018-NCLT-01375. Percula Shipping and Trading Inc. filed an application under Section 9 of the Insolvency and…

- **Court:** NCLT
- **Order date:** 22 May 2018
- **Citation:** TCN-2018-NCLT-01375
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/dadi-impex-private-limited-cp-no-1562-ibc-nclt-mb-mah-2017-0c349f8e

## Summary

### Background

Percula Shipping and Trading Inc. filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Dadi Impex Private Limited, claiming to be an operational creditor. The operational creditor claimed that Dadi Impex had defaulted on payments for services rendered, specifically the hiring of a vessel. The application was filed after a demand notice was issued and served to the corporate debtor, but no payment was made, nor was any dispute raised within the prescribed time.

## Facts

Percula Shipping and Trading Inc. (Operational Creditor) filed an application against Dadi Impex Private Limited (Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code, 2016. The operational creditor claimed that the corporate debtor defaulted on payments amounting to USD 880,331.22 plus interest of USD 99,086 for services rendered, specifically the hiring of a vessel named 'M/V Achilleas S' for 108.79 days. The operational creditor raised various invoices, which the debtor failed to pay. The debtor acknowledged its liability via email dated 23.06.2017. A demand notice under Section 8 of the Code was issued on 27.09.2017, but the debtor neither replied nor repaid the amount. The debtor refused to take service of the hearing notice and remained absent

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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, 2016, allows an operational creditor to

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**Reasoning:** The court reasoned that the Operational Creditor had established that services were

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

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**Application:** The court applied the provisions of Section 9 to the facts of the case, finding

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## Parties

- **Judges:** M.K. Sh…
- **Appellants:** Percula Shipping…
- **Respondents:** Dadi Impex…; M/s. Dadi Impex…
- **Advocates:** Rohan Jan…

## Timeline

- **2017-09-27 — Demand Notice…**: Operational Creditor issued a demand notice under Section 8 of the Code demanding the…
- **2017-11-06 — Form No. 5 Fu…**: M/s. Percula Shipping and Trading Inc. furnished Form No. 5 under Rule 6 of the…

## 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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