# In the matter of Alniche Lifesciences Private Limited Company Application No. IB-22-ND-2019

> NCLT judgment dated 2022-01-12. Citation: TCN-2022-NCLT-04450. The case originates from an application filed under Section 9 of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 12 Jan 2022
- **Citation:** TCN-2022-NCLT-04450
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/alniche-lifesciences-private-limited-company-application-no-ib-22-nd-2019-0521bae9

## Summary

### Background

The case originates from an application filed under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) by Jaydev Pharma Distributors, an operational creditor, against Alniche Lifesciences Private Limited, the corporate debtor. Jaydev Pharma Distributors, through its proprietor Mr. N. Ashok Kumar Kothari, sought to initiate the Corporate Insolvency Resolution Process (CIRP) against Alniche Lifesciences. The applicant and the corporate debtor were engaged in the sale and purchase of pharmaceutical products. The applicant regularly purchased pharmaceutical stocks in bulk from the corporate debtor from August 28, 2015, to June 30, 2017, paying the full amount in advance. The corporate debtor appointed a new distributor, leading to the discontinuation of sales

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## Facts

Jaydev Pharma Distributors, the applicant and an operational creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) against Alniche Lifesciences Private Limited, the corporate debtor. The applicant and the corporate debtor were engaged in the sale and purchase of pharmaceutical products. The applicant regularly purchased pharmaceutical stocks in bulk from the corporate debtor from August 28, 2015, to June 30, 2017, paying the full amount in advance. After the corporate debtor appointed a new distributor, sales between the applicant and the corporate debtor discontinued. It was mutually agreed that the unsold stock purchased by the applicant would be handed over to the new distributor, Sri Sneha Pharma, and the corporate debtor

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## Issues and analysis

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

**Ratio:** Section 9 of the IBC outlines the requirements for an operational creditor to initiate

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**Reasoning:** The NCLT found that the application was complete and the applicant was entitled to claim

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**Interpretation:** The completeness of the application is a prerequisite for its admission. The

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**Application:** The NCLT determined that the applicant had met all the requirements under

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## Parties

- **Judges:** DEEPTI M…; SUMITAPURKA…
- **Appellants:** Jaydev Pharma…
- **Respondents:** Alniche Lifescienc…
- **Advocates:** Rabiya T…

## Timeline

- **2015-08-28 — Start of Tran…**: Applicant started purchasing…
- **2017-01-01 — Return of…**: Applicant returned goods worth Rs.…

## 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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