# In the matter of Parabolic Drugs Ltd. CP (IB) No. 102-Chd-CHD-2018

> NCLT judgment dated 2018-08-23. Citation: TCN-2018-NCLT-00905. The case involves an application filed by Weather Makers Pvt. Ltd., an operational creditor,…

- **Court:** NCLT
- **Order date:** 23 Aug 2018
- **Citation:** TCN-2018-NCLT-00905
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/parabolic-drugs-ltd-cp-ib-no-102-chd-chd-2018-6467c3d5

## Summary

### Background

The case involves an application filed by Weather Makers Pvt. Ltd., an operational creditor, under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate the corporate insolvency resolution process against Parabolic Drugs Ltd., the corporate debtor. Weather Makers Pvt. Ltd. supplied Heating, Ventilation, and Air Conditioning (HVAC) systems and related services to Parabolic Drugs Ltd. The corporate debtor defaulted on payments, leading to the filing of this petition. The petitioner seeks to recover an outstanding amount of ₹73,37,732.80.

## Facts

Weather Makers Pvt. Ltd. (the petitioner) filed a petition under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016, against Parabolic Drugs Ltd. (the respondent), seeking to initiate the corporate insolvency resolution process. The petitioner, an operational creditor, supplied Heating, Ventilation, and Air Conditioning (HVAC) systems and related services to the respondent. The first bill of default was issued on 19.09.2011. Goods were supplied from 19.09.2011 to 29.08.2012. The last payment was made on 21.03.2014, leaving an outstanding balance of ₹73,37,732.80. The respondent issued balance confirmation letters dated 30.07.2016 and 31.08.2017, acknowledging the outstanding amount. Before filing the petition, the petitioner sent a demand notice dated

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## Issues and analysis

### Issue 1: Whether the operational creditor, Weather Makers Pvt. Ltd., complied with the requirements of …

**Ratio:** Section 9 of the IBC, 2016, outlines the requirements for an operational creditor to

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**Reasoning:** The court found that the operational creditor had issued a demand notice in the

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**Interpretation:** Section 9 of the IBC, 2016, is interpreted to mean that an operational creditor

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**Application:** In this case, the operational creditor demonstrated compliance with Section 9

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## Parties

- **Judges:** R.P.Nag…; Pradeep R.…
- **Appellants:** Weather Makers…
- **Respondents:** Parabolic Drugs…

## Timeline

- **2011-09-19 — First Bill of…**: The first bill of default was issued by Weather…
- **2011-09-19 — Goods Sup…**: Goods were supplied by Weather Makers Pvt. Ltd. to Parabolic Drugs Ltd. from 19.09.2011…

## 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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