# In the mater of Oxygen Lifeline Retail Private Limited CP(IB)-12(MP)2021

> NCLT judgment dated 2021-10-07. Citation: TCN-2021-NCLT-00801. The application was filed by Mrs. Anita Madanpal Singh, Proprietor of M/s IGC Petrochem, the…

- **Court:** NCLT
- **Order date:** 7 Oct 2021
- **Citation:** TCN-2021-NCLT-00801
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/in-the-mater-of-oxygen-lifeline-retail-private-limited-cpib-12mp2021-17b18348

## Summary

### Background

The application was filed by Mrs. Anita Madanpal Singh, Proprietor of M/s IGC Petrochem, the Operational Creditor under Section 9 of the Insolvency and Bankruptcy Code, 2016, for initiation of Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor viz. M/s Oxygen Lifeline Retail Private Limited. The amount of claimed debt in default is Rs.3,67,63,463.80/- including interest and the date of default is 21.06.2019. The Operational Creditor is in the business of supplying medicines, and the Corporate Debtor holds retail medicine outlets under the name and style of "Arogya Retail" throughout the state of Madhya Pradesh. There were business relations between the Operational Creditor and Corporate Debtor, and from time to time, the Operational

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## Facts

Mrs. Anita Madanpal Singh, the Operational Creditor and Proprietor of M/s IGC Petrochem, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Oxygen Lifeline Retail Private Limited, the Corporate Debtor. The claimed debt in default is Rs.3,67,63,463.80/-, including interest, with the date of default being 21.06.2019. The Operational Creditor is in the business of supplying medicines, and the Corporate Debtor operates retail medicine outlets under the name "Arogya Retail" in Madhya Pradesh. The Operational Creditor supplied medicines to the Corporate Debtor, raising invoices from 25.05.2019 to 15.10.2020, totaling Rs.2,60,13,153/-. A demand notice was issued under

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## Issues and analysis

### Issue 1: Whether the application for initiation of Corporate Insolvency Resolution Process (CIRP) under …

**Ratio:** Section 9 of the Insolvency and Bankruptcy Code, 2016 allows an operational creditor to

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**Reasoning:** The Adjudicating Authority considered the facts presented by the Operational Creditor,

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**Interpretation:** Section 9 provides a mechanism for operational creditors to recover debts from

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**Application:** The Adjudicating Authority found that the Corporate Debtor had defaulted in the

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## Parties

- **Judges:** DEEPTI M…; Virendra Kumar…
- **Appellants:** Anita Madanpal…
- **Respondents:** Oxygen Lifeline…; Oxyzen Lifeline…

## Timeline

- **2019-06-21 — Date of D…**: The date of default is…
- **2019-05-25 — Invoice Perio…**: Invoices were raised against the supplied…

## 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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