# In the matter of Omkar Speciality Chemicals Limited TCP (I&B) 879-NCLT-MB-MAH-2017

> NCLT judgment dated 2019-01-24. Citation: TCN-2019-NCLT-05174. This case involves a transferred petition, originally filed as Company Petition 799/2016 in the…

- **Court:** NCLT
- **Order date:** 24 Jan 2019
- **Citation:** TCN-2019-NCLT-05174
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/omkar-speciality-chemicals-limited-tcp-ib-879-nclt-mb-mah-2017-041ab34d

## Summary

### Background

This case involves a transferred petition, originally filed as Company Petition 799/2016 in the High Court of Bombay and later transferred to the National Company Law Tribunal (NCLT), Mumbai Bench, as TCP 879/2017. The petition was initially filed under Sections 433(e) and 434(1)(a) of the Companies Act, 1956, seeking the winding up of Omkar Speciality Chemicals Limited due to its inability to pay its debts. MIQ Logistics Private Limited, the petitioner, had provided services for the transport of cargo containing Potassium Iodate from Nhava Sheva Port to Manila Port and back to India. The respondent, Omkar Speciality Chemicals Limited, allegedly owed the petitioner ₹35,66,904/- including interest at 2% per month for these services. The petitioner had issued a notice

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## Facts

MIQ Logistics Private Limited (Petitioner) provided cargo transport services to Omkar Speciality Chemicals Limited (Respondent), involving the shipment of 1,000 Kg of Potassium Iodate from Nhava Sheva Port to Manila Port and back to India. A bill of lading dated 21.04.2014 was issued. The Respondent allegedly owes the Petitioner ₹35,66,904/- including interest at 2% per month for these services. The Petitioner issued a notice dated 25.05.2016 under Sections 433 and 434 of the Companies Act, 1956, requesting payment of the outstanding dues. The Respondent failed to repay the amount within 21 days. The Petitioner then filed a petition under Sections 433(e) and 434(1)(a) of the Companies Act, 1956, in the High Court of Bombay, seeking the winding up of the Respondent

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## Issues and analysis

### Issue 1: Whether the petition under Section 9 of the IBC, 2016 is maintainable without issuing a demand …

**Ratio:** The issuance of a demand notice under Section 8 of the IBC, 2016, is a mandatory

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**Reasoning:** The NCLT relied on the precedents set by the NCLAT in cases such as Mr M. Nandagopa Ivs

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**Interpretation:** Section 8 of the IBC mandates that an operational creditor must first issue a

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**Application:** In this case, the petitioner, MIQ Logistics Private Limited, filed a petition

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## Parties

- **Judges:** V. P. S…; RavikumarDu…
- **Appellants:** MIQ Logistics…
- **Respondents:** Omkar Speciality…
- **Advocates:** Vishal K…; Monil Pa…; +4 more

## Timeline

- **2014-04-21 — Bill of L…**: Bill of Lading issued for…
- **2016-05-25 — Demand N…**: Petitioner issued a notice under Sections 433 and 434 of the Companies Act, 1956,…

## 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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