# In the matter of Xllent Mariline India Private Limited CP-976-(IB)-CB-2018

> NCLT judgment dated 2018-12-03. Citation: TCN-2018-NCLT-00214. The case involves an application filed by VS & B Containers (L.L.C), the Operational Creditor,…

- **Court:** NCLT
- **Order date:** 3 Dec 2018
- **Citation:** TCN-2018-NCLT-00214
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/xllent-mariline-india-private-limited-cp-976-ib-cb-2018-1acad718

## Summary

### Background

The case involves an application filed by VS & B Containers (L.L.C), the Operational Creditor, against XllentMariline India Private Limited, the Corporate Debtor, under Section 9 of the Insolvency and Bankruptcy Code, 2016, for initiation of the Corporate Insolvency Resolution Process (CIRP). The Operational Creditor claimed an outstanding debt of Rs.96,24,748.88, inclusive of interest. The Corporate Debtor had initially made part payments but failed to pay the remaining amount for invoices raised from 31.07.2015. The Operational Creditor issued a demand notice dated 21.05.2018 under Section 8 of the I&B Code, 2016. The Corporate Debtor acknowledged the debt and expressed readiness to pay subject to calculations and requested no further legal action. The

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## Facts

VS & B Containers (L.L.C) (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016 against XllentMariline India Private Limited (Corporate Debtor) for an outstanding debt of Rs.96,24,748.88. The Operational Creditor is engaged in managing marine cargo equipment, including containers, and provided equipment for transporting goods on lease or hire. In December 2014, the Corporate Debtor approached the Operational Creditor for hiring containers. A Master Lease Agreement was executed on 01.01.2015, outlining the terms and conditions. Clause 2.2 stipulated payment within 30 days of the invoice date. The Operational Creditor raised invoices from January 2015. The Corporate Debtor made initial payments but defaulted on

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## Issues and analysis

### Issue 1: Whether the application under Section 9 of the …

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

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**Reasoning:** The court considered the documents and submissions made by both parties, including the

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**Interpretation:** Section 9 provides the framework for operational creditors to initiate CIRP

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**Application:** The Operational Creditor provided evidence of the debt and default, including

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## Parties

- **Judges:** Ch. Mohd Sharief…
- **Appellants:** M/s. VS & B…
- **Respondents:** Xllent Mariline…; M/s. XllentMarilin…

## Timeline

- **2014-12-01 — Corporate Debtor…**: The Corporate Debtor approached the Operational Creditor for hiring certain equipment…
- **2015-01-01 — Master Lease Agreement…**: The Operational Creditor agreed to lease out the container to the Corporate Debtor on…

## 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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