# In the matter of Loocust Incorp Apparel Export Private Limited

> NCLT judgment dated 2023-07-10. Citation: TCN-2023-NCLT-05346. Himalaya Intertrade Private Limited, the Operational Creditor, filed an application under…

- **Court:** NCLT
- **Order date:** 10 Jul 2023
- **Citation:** TCN-2023-NCLT-05346
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chennai/loocust-incorp-apparel-export-private-limited-631225b7

## Summary

### Background

Himalaya Intertrade Private Limited, the Operational Creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Loocust Incorp Apparel Export Private Limited, the Corporate Debtor.

## Facts

Himalaya Intertrade Private Limited filed an application under Section 9 of the IBC, 2016, to initiate CIRP against Loocust Incorp Apparel Export Private Limited.

The Operational Creditor claimed a default of Rs.1,21,03,656/- based on a decree and judgment dated 14.10.2022 passed by the Hon'ble Madras High Court in C.S.(Comm Div) No.47 of 2022.

The Corporate Debtor filed a reply stating that they had filed an application to set aside the ex-parte judgment and decree.

The Corporate Debtor did not reply to the demand notice issued by the Operational Creditor.

The Tribunal found that there was no pre-existing dispute between the parties.

The Tribunal appointed Mr. Mutharasapuram Ganesan Chandrasekaran as the Interim Resolution Professional (IRP).

## Issues and analysis

### Issue 1: Whether the application filed by the Operational Creditor under Section 9 of the IBC, 2016, should …

**Ratio:** Section 9(5) of the

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**Reasoning:** The Tribunal considered the facts and circumstances of the case, the position of law, and

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**Interpretation:** The Tribunal interpreted Section 9(5) of the IBC, 2016, to mean that if the

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**Application:** The Tribunal applied Section 9(5) of the IBC, 2016, to the facts of the case

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## Parties

- **Judges:** SANJIV…; SAMEER…
- **Appellants:** Himalaya Intertrad…
- **Respondents:** Loocust Incorp…
- **Other parties:** Mutharasapuram…
- **Advocates:** S.Dhakshnam…; V.Jayacha…

## Timeline

- **2022-10-14 — Judgment &…**: Hon'ble High Court of Judicature at Madras passed a Judgment & Decree in C.S. (Comm.Div.)…
- **2023-02-01 — Demand N…**: Operational Creditor issued a Demand Notice under Section 8 of IBC, 2016 to the Corporate…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 8 — Insolvency resolution by operational creditor](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-8)

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