# In the matter of Golden Anchor Logistics Private Limited IBA-407-2019

> NCLT judgment dated 2019-07-15. Citation: TCN-2019-NCLT-02529. The application was filed by an operational creditor under Section 9 of the Insolvency and…

- **Court:** NCLT
- **Order date:** 15 Jul 2019
- **Citation:** TCN-2019-NCLT-02529
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/golden-anchor-logistics-private-limited-iba-407-2019-a5b2fff9

## Summary

### Background

The application was filed by an operational creditor under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against the corporate debtor due to unpaid operational debt.

## Facts

Fairmacs Shipping & Transport Services Pvt Ltd (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016 (I&B Code, 2016) against Golden Anchor Logistics Pvt Ltd (Corporate Debtor). The application sought to initiate the Corporate Insolvency Resolution Process (CIRP), declare a moratorium, and appoint an Interim Resolution Professional (IRP) due to outstanding operational debt. The Operational Creditor claimed an amount of Rs. 18,82,968.65, which included Rs. 14,00,641.51 for outstanding invoices and Rs. 4,82,327.14 for interest. The Operational Creditor, engaged in freight forwarding and logistics services, had provided services to the Corporate Debtor between April and May 2017 for importing shipments. A

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor has committed a default in making payment of the outstanding …

**Ratio:** A clear admission of outstanding debt by the Corporate Debtor, along with its inability

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**Reasoning:** The Corporate Debtor, through its Manager, M.A. Narayanan, explicitly admitted that it

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**Interpretation:** The court interpreted the Corporate Debtor's statement and reply as a direct

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**Application:** Given the Corporate Debtor's admission of inability to pay the outstanding

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## Parties

- **Judges:** CH. MOHD SHARIEF…
- **Appellants:** Fairmacs Shipping…; M/s. Fairmacs…
- **Respondents:** Golden Anchor…; M/s. Golden…
- **Advocates:** For Operational…; P. Girid…; +4 more

## Timeline

- **October 6, 2018 — Demand Noti…**: Operational Creditor sent Form-3 Demand Notice under Section 8 of I&B Code, 2016, to the…
- **October 16, 2018 — Reply to Deman…**: Corporate Debtor replied to the demand notice, acknowledging liability and admitting 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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