# In the matter of Goldfish Pharma Private Limited CP (IB) No. 223-9-HDB-2019

> NCLT judgment dated 2020-03-19. Citation: TCN-2020-NCLT-01441. Mundra Enterprises, the Operational Creditor, filed a petition under Section 9 of the…

- **Court:** NCLT
- **Order date:** 19 Mar 2020
- **Citation:** TCN-2020-NCLT-01441
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/goldfish-pharma-private-limited-cp-ib-no-223-9-hdb-2019-e18647b3

## Summary

### Background

Mundra Enterprises, the Operational Creditor, filed a petition under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016, against Goldfish Pharma Private Limited, the Corporate Debtor, for defaulting on a payment of Rs. 73,68,371/- along with an interest of Rs. 38,63,319/-, totaling Rs. 1,12,31,690/-. The Operational Creditor claimed that the Corporate Debtor had placed purchase orders for various pharmaceutical raw materials, which were supplied accordingly. The Corporate Debtor disputed the claim, alleging that the petition was not maintainable, the outstanding amount was disputed, and the Demand Notice was not received. The Corporate Debtor also claimed that some invoices were barred by limitation and that they had supplied goods/materials worth Rs.

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## Facts

Mundra Enterprises, the Operational Creditor, claimed that Goldfish Pharma Private Limited, the Corporate Debtor, defaulted on payments totaling Rs. 1,12,31,690/-, including principal and interest. The Operational Creditor supplied pharmaceutical raw materials to the Corporate Debtor based on purchase orders. The Corporate Debtor issued cheques that were dishonored due to insufficient funds. The Operational Creditor issued a demand notice on 11.02.2019, which they claimed was served on the Corporate Debtor. The Corporate Debtor disputed the claim, alleging that the petition was not maintainable, the outstanding amount was disputed, and the Demand Notice was not received. The Corporate Debtor also claimed that some invoices were barred by limitation and that they had

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## Issues and analysis

### Issue 1: Whether the petition filed by the Operational Creditor is maintainable under Section 9 of the IBC, …

**Ratio:** Section 9 of the IBC allows an operational creditor to initiate corporate insolvency

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**Reasoning:** The NCLT found that the Operational Creditor had provided sufficient evidence to

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**Interpretation:** Section 9 of IBC provides a mechanism for operational creditors to recover

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**Application:** The NCLT applied Section 9 of the IBC to the facts of the case and found that

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## Parties

- **Judges:** Ratakonda…; Narender Kumar…; +1 more
- **Appellants:** Mundra Ente…
- **Respondents:** Goldfish Pharma…; Gold Fish Pharma…

## Timeline

- **2015-09-07 — First Purchas…**: The Operational Creditor started supplying goods to the Corporate Debtor based on…
- **2015-12-25 — First Invoice…**: The Operational Creditor claimed that…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 14 — Moratorium](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-14)

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