# In the matter of Thexa Pharma Pvt. Ltd.

> NCLT judgment dated 2018-08-28. Citation: TCN-2018-NCLT-00883. Shree G. Engineering Corporation, an operational creditor, filed a petition under Section 9 of…

- **Court:** NCLT
- **Order date:** 28 Aug 2018
- **Citation:** TCN-2018-NCLT-00883
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/thexa-pharma-pvt-ltd-ff7360a9

## Summary

### Background

Shree G. Engineering Corporation, an operational creditor, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking the commencement of the Corporate Insolvency Resolution Process (CIRP) against Thexa Pharma Private Limited. Shree G. Engineering Corporation supplied engineering parts to Thexa Pharma for eight years and maintained a running ledger account. Thexa Pharma allegedly defaulted on payments. The operational creditor issued a demand notice, which was acknowledged by the corporate debtor, but no payment was made. The corporate debtor disputed the claim, alleging defective material, which was raised for the first time in the counter.

## Facts

Shree G. Engineering Corporation (Operational Creditor) supplied engineering parts to Thexa Pharma Private Limited (Corporate Debtor) for eight years. During the Financial Year 2016-17, the Operational Creditor supplied goods worth Rs. 1,24,98,116, including a carry forward amount of Rs. 47,49,665 from the Financial Year 2015-16. The Corporate Debtor paid Rs. 66,05,298, leaving a balance of Rs. 58,92,818. In the Financial Year 2017-18, the Operational Creditor supplied material worth Rs. 68,01,285, including the carry forward amount of Rs. 58,92,818. The Corporate Debtor defaulted on the outstanding amount of Rs. 68,01,285. The Operational Creditor issued a demand notice on 03.07.2017, demanding payment of Rs. 68,01,285, which was acknowledged by the Managing Director

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## Issues and analysis

### Issue 1: Whether there is an 'operational …

**Ratio:** Section 5(21) of the Insolvency and Bankruptcy Code defines 'operational debt' as a claim

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**Reasoning:** The Adjudicating Authority perused the invoices filed by the Operational Creditor and

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**Interpretation:** The definition of 'operational debt' is interpreted to include claims related

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**Application:** The claim in this case is an operational debt because it relates to the supply

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## Parties

- **Judges:** BIKKI RAVEENDRA…
- **Appellants:** Shree G.Engineerin…
- **Respondents:** Thexa Pharma Pvt…

## Timeline

- **2017-07-03 — Demand Notice…**: Operational Creditor issued a demand notice in Form-3 to the Corporate Debtor demanding…
- **2018-06-13 — Letter Requesting…**: Operational Creditor wrote a letter requesting the Corporate Debtor to pay the amount.…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 5(21) — Definitions](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-5)

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