# In the matter of Anantha Biotechnologies & Allied Industries Private Limited CP (IB) No. 11-9-AMR-2021

> NCLT judgment dated 2022-01-28. Citation: TCN-2022-NCLT-04353. M/s.Poly Pipesw India Private Limited, the Operational Creditor, filed an application before…

- **Court:** NCLT
- **Order date:** 28 Jan 2022
- **Citation:** TCN-2022-NCLT-04353
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/anantha-biotechnologies-allied-industries-private-limited-cp-ib-no-11-9-amr-2021-9e133614

## Summary

### Background

M/s.Poly Pipesw India Private Limited, the Operational Creditor, filed an application before the National Company Law Tribunal (NCLT), Amaravati Bench, under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Anantha Biotechnologies & Allied Industries Private Limited, the Corporate Debtor. The Operational Creditor claimed that the Corporate Debtor defaulted on a debt of Rs. 2,62,41,032/-, which included a principal amount of Rs. 1,50,30,848/- and interest at 24% per annum. The Corporate Debtor admitted to the supply of materials but stated that delays in payments from the government caused delays in clearing the invoices of the Operational Creditor. The Corporate Debtor also

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## Facts

1. M/s.Poly Pipesw India Private Limited (Operational Creditor) filed an application under Section 9 of the IBC to initiate CIRP against M/s. Anantha Biotechnologies & Allied Industries Private Limited (Corporate Debtor).
2. The Operational Creditor claimed a total due of Rs. 2,62,41,032/-, including a principal amount of Rs. 1,50,30,848/- and interest at 24% per annum, for the supply of polydenial chloride and other substances from 2018-02-24 to 2019-02-07.
3. The Corporate Debtor admitted to the supply but stated that delays in government payments caused delays in clearing the invoices of the Operational Creditor.
4. The Corporate Debtor paid the principal amount on 2021-04-23 after the filing of the application.
5. The Operational Creditor issued a demand notice for

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## Issues and analysis

### Issue 1: Whether the application can be pursued …

**Ratio:** The principle that the operational debt does not include interest and hence a petition

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**Reasoning:** The NCLT reasoned that the principal amount was paid after filing the application, and

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**Interpretation:** The NCLT interpreted the provisions of the IBC to mean that an application for

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**Application:** The NCLT applied the principle that an application for CIRP cannot be initiated

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## Parties

- **Judges:** TELAPROLU…
- **Appellants:** M/s.Poly Pipesw…
- **Respondents:** M/s.Anantha…
- **Advocates:** N.P. Viia…; Mr.Shabber…

## Timeline

- **2018-02-24 — Supply of…**: Operational Creditor started supplying polydenial chloride and other substances to the…
- **2019-02-07 — Supply of…**: Operational Creditor supplied polydenial chloride and other substances to the Corporate…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 5(8) — Definitions](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-5)

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