# In the matter of Thrive Therapeutic Private Limited CP (IB) 4183-MB-2018

> NCLT judgment dated 2020-07-09. Citation: TCN-2020-NCLT-01050. The case pertains to a Company Petition filed by Alliance Biotech, a registered partnership…

- **Court:** NCLT
- **Order date:** 9 Jul 2020
- **Citation:** TCN-2020-NCLT-01050
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/thrive-therapeutic-private-limited-cp-ib-4183-mb-2018-6ab92a85

## Summary

### Background

The case pertains to a Company Petition filed by Alliance Biotech, a registered partnership firm, against Thrive Therapeutic Private Limited under Section 9 of the Insolvency and Bankruptcy Code, 2016, for initiation of Corporate Insolvency Resolution Process (CIRP). Alliance Biotech alleged that Thrive Therapeutic Private Limited defaulted in making payment to the extent of Rs. 1,11,46,068/-. The petitioner is engaged in manufacturing pharmaceuticals products and supplied pharmaceuticals materials to the Corporate Debtor. The Corporate Debtor also supplied some goods to the Petitioner. The Petitioner billed the Corporate Debtor to the extent of Rs. 3,21,28,301/- and also received supplies from the Corporate Debtor to the extent of Rs, 71,77,604/- and the net

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## Facts

Alliance Biotech, a registered partnership firm, filed a Company Petition against Thrive Therapeutic Private Limited under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP). Alliance Biotech claimed that Thrive Therapeutic Private Limited defaulted on a payment of Rs. 1,11,46,068/-. Alliance Biotech is in the business of manufacturing and supplying pharmaceuticals to Thrive Therapeutic. Thrive Therapeutic also supplied some goods to Alliance Biotech. Alliance Biotech billed Thrive Therapeutic for Rs. 3,21,28,301/- and received supplies from Thrive Therapeutic worth Rs. 71,77,604/-, resulting in net receivables of Rs. 2,49,50,697/-. Alliance Biotech received payments of Rs. 1,56,86,274/-, leaving a

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## Issues and analysis

### Issue 1: Whether the petition filed by Alliance Biotech against Thrive Therapeutic Private Limited under …

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

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**Reasoning:** The court considered the evidence presented by the petitioner, including the statement of

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**Interpretation:** Section 9 of the Insolvency and Bankruptcy Code, 2016, provides the

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**Application:** In this case, the petitioner, Alliance Biotech, is an operational creditor, and

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## Parties

- **Judges:** SUCHITRAKAN…; V. Nallasen…
- **Appellants:** Alliance B…
- **Respondents:** Thrive Therapeutic…

## Timeline

- **2018-07-18 — Demand Notice…**: The Petitioner issued a demand notice in Form No. 3 and Form No. 4 demanding the…
- **2018-07-24 — Demand Notice Served…**: The demand notice sent by post to the Corporate Debtor was returned with an endorsement…

## 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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