# In the matter of Fontana Impex Private Limited CP(IB)-41-KOB-2021

> NCLT judgment dated 2022-01-07. Citation: TCN-2022-NCLT-04504. The case involves an application filed by Iapetus Shipping, the Operational Creditor, under…

- **Court:** NCLT
- **Order date:** 7 Jan 2022
- **Citation:** TCN-2022-NCLT-04504
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/fontana-impex-private-limited-cpib-41-kob-2021-95f6995a

## Summary

### Background

The case involves an application filed by Iapetus Shipping, the Operational Creditor, under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Fontana Impex Private Limited, the Corporate Debtor, for recovery of a defaulted payment of Rs. 1,27,20,141.00. This amount is related to services provided to the Corporate Debtor between February 26, 2021, and May 28, 2021, including interest. The Corporate Debtor had made a partial payment of Rs. 6,77,262.00. Due to the Corporate Debtor's failure to honor its commitments, the Operational Creditor issued a statutory notice on September 1, 2021, under Section 8 of the IBC. The Corporate Debtor acknowledged the debt in a reply dated September 20, 2021, but sought concessions on demurrage and interest charges.

## Facts

Iapetus Shipping (Operational Creditor) provided services to Fontana Impex Private Limited (Corporate Debtor) between February 26, 2021, and May 28, 2021. The total amount due, including interest, was Rs. 3,85,257.57. The principal amount of the debt was Rs. 1,27,20,141.00. The Corporate Debtor made a partial payment of Rs. 6,77,262.00. Due to continuous failure to pay, the Operational Creditor issued a statutory notice on September 1, 2021, under Section 8 of the IBC. The Corporate Debtor received the notice on September 13, 2021, and responded on September 20, 2021, acknowledging the debt but seeking concessions on demurrage and interest charges. The Operational Creditor then filed an application under Section 9 of the IBC to initiate CIRP. The Corporate Debtor did

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## Issues and analysis

### Issue 1: Whether the application filed by the Operational Creditor under Section 9 of the IBC is complete …

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

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**Reasoning:** The NCLT found that the application submitted by the Operational Creditor was complete in

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**Interpretation:** Section 9 of the IBC provides the framework for operational creditors to

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**Application:** The NCLT applied Section 9 to the facts, noting the completeness of the

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## Parties

- **Judges:** Ashok Kumar…; Shyam Babu…
- **Appellants:** Iapetus Sh…
- **Respondents:** Fontana Impex…

## Timeline

- **2021-02-26 — Service Perio…**: Start date of the service provided by Iapetus…
- **2021-05-28 — Service Per…**: End date of the service provided by Iapetus…

## 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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