# In the matter of SR marine Foods Pvt. Ltd. CP(IB)-12(CHE)-2022

> NCLT judgment dated 2022-06-06. Citation: TCN-2022-NCLT-04689. The Petitioner, Samunnati Agro Solution Pvt Ltd, is an Operational Creditor seeking to initiate…

- **Court:** NCLT
- **Order date:** 6 Jun 2022
- **Citation:** TCN-2022-NCLT-04689
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chennai/sr-marine-foods-pvt-ltd-cpib-12che-2022-7c26ff66

## Summary

### Background

The Petitioner, Samunnati Agro Solution Pvt Ltd, is an Operational Creditor seeking to initiate Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor, SR Marine Foods Pvt Ltd, under Section 9 of IBC, 2016. They had a Sourcing and Distribution Agreement dated 17.10.2018.

## Facts

Samunnati Agro Solution Pvt Ltd (Operational Creditor) filed an application under Section 9 of IBC, 2016, to initiate CIRP against SR Marine Foods Pvt Ltd (Corporate Debtor).

The Operational Creditor and Corporate Debtor had a Sourcing and Distribution Agreement dated 17.10.2018.

The Operational Creditor supplied marine products to the Corporate Debtor.

Payments were not forthcoming, leading to Section 138 of the Negotiable Instrument Act, 1881 proceedings and arbitration.

An arbitration award was passed in favor of the Operational Creditor on 16.04.2021.

A Memorandum of Compromise Settlement was entered into on 30.06.2021, but the Corporate Debtor failed to pay the amount.

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## Issues and analysis

### Issue 1: Whether the application under Section 9(5) …

**Ratio:** The application is required to be admitted under Section 9(5) of the IBC, 2016, if there

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**Reasoning:** The NCLT found that the Corporate Debtor had defaulted on payments despite the

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**Interpretation:** Section 9(5) of the IBC, 2016, mandates the admission of the application if the

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**Application:** The NCLT admitted the application based

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## Parties

- **Judges:** Ramalingam…; B. Anil…
- **Appellants:** Samunnati Agro…
- **Respondents:** SR Marine Foods…
- **Other parties:** S. Amare…
- **Advocates:** R. Ompr…; Prak…; +3 more

## Timeline

- **17.10.2018 — Agreement…**: Sourcing and Distribution Agreement between Samunnati Agro Solution Pvt Ltd and SR Marine…
- **16.04.2021 — Arbitration…**: Arbitration award passed in favor…

## 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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