# In the matter of Vexta Laboratories Private Limited TCP No. 260-IBC-NCLT-MAH-MAH-2017

> NCLT judgment dated 2017-12-01. Citation: TCN-2017-NCLT-00112. The case involves an application under Section 9 of the Insolvency and Bankruptcy Code, 2016,…

- **Court:** NCLT
- **Order date:** 1 Dec 2017
- **Citation:** TCN-2017-NCLT-00112
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/vexta-laboratories-private-limited-tcp-no-260-ibc-nclt-mah-mah-2017-7086509d

## Summary

### Background

The case involves an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, by M/s. Inject Care Parenterals Limited (Operational Creditor) against M/s. Vextra Laboratories Private Limited (Corporate Debtor). The Operational Creditor claimed a default of ₹ 53,31,736 with an additional claim of 24% p.a. interest. The Operational Creditor supplied dry powder injections to the Debtor between 2013 and 2014. The Debtor made some payments, but an outstanding amount remained. The Operational Creditor issued a statutory notice under Sections 433 and 434 of the Companies Act, 1956, after the Debtor failed to make payments. The Debtor raised a dispute for the first time in its reply to the application. The Ministry of Health, Russia, rejected a consignment of

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## Facts

M/s. Inject Care Parenterals Limited (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against M/s. Vextra Laboratories Private Limited (Corporate Debtor) for a default of ₹ 53,31,736. The Operational Creditor supplied dry powder injections to the Debtor between October 2013 and March 2014. The Debtor made partial payments, but an outstanding amount remained unpaid. The Operational Creditor issued a statutory notice under Sections 433 and 434 of the Companies Act, 1956. The Debtor raised a dispute for the first time in its reply to the application, claiming that the Ministry of Health, Russia, rejected a consignment of goods supplied by the Operational Creditor. The Debtor also claimed that the Operational Creditor

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## Issues and analysis

### Issue 1: Whether the application/petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, is …

**Ratio:** An application under Section 9 of the Code can be admitted if there is a debt and a

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**Reasoning:** The court found that the application was incomplete due to the absence of a demand notice

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**Interpretation:** Section 9 of the Code requires the Operational Creditor to issue a demand

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**Application:** In this case, the Operational Creditor did not issue a demand notice under

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## Parties

- **Judges:** M.K. Shrawat,…; Bhaskara Pantula…
- **Appellants:** M/s. Inject Care…
- **Respondents:** M/s. Vextra…

## Timeline

- **2016-06-29 — Original Pe…**: Original petition was filed with the Hon'ble Bombay High Court under S. 433 and S. 434 of…
- **2016-12-01 — Transfer of Pending…**: Petition got transferred to the NCLT for further…

## 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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