# In the matter of Beloorbayir Biotech Limited

> NCLT judgment dated 2024-10-04. Citation: TCN-2024-NCLT-00490. Janus GBAC Limited, an operational creditor, filed a petition under Section 9 of the Insolvency…

- **Court:** NCLT
- **Order date:** 4 Oct 2024
- **Citation:** TCN-2024-NCLT-00490
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/beloorbayir-biotech-limited-b0697551

## Summary

### Background

Janus GBAC Limited, an operational creditor, filed a petition under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016, against Beloorbayir Biotech Limited (corporate debtor) seeking to initiate Corporate Insolvency Resolution Process (CIRP). The petition was based on an alleged default of USD 140,513.09. The respondent raised objections, arguing that the principal debt was below the threshold limit for initiating CIRP and that the interest claimed was unsubstantiated and not contractually agreed upon. The respondent also contended that the petition was barred by limitation.

## Facts

Janus GBAC Limited (operational creditor) filed a petition under Section 9 of the IBC against Beloorbayir Biotech Limited (corporate debtor) for a default of USD 140,513.09, which included interest. The operational creditor claimed the debt arose from the supply of bottles. The corporate debtor argued that the principal debt (USD 105,300.60) was below the threshold of INR 1 crore, and the interest (USD 35,212.49) was not contractually agreed upon. The last invoice was raised on 15/03/2020, and the petition was filed on 27/07/2023. The corporate debtor contended that the default date was falsely made out and the petition was barred by limitation. The operational creditor sought to exclude the period from 15/03/2020 to 28/02/2022 from the limitation period based on a

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## Issues and analysis

### Issue 1: Whether the present Petition satisfies the …

**Ratio:** The threshold for initiating CIRP under Section 4 of the IBC is INR 1 crore. The default

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**Reasoning:** The NCLT found that the default amount mentioned in the petition was USD 140,513.09,

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**Interpretation:** Section 4 of the IBC specifies the minimum threshold for initiating CIRP. The

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**Application:** In this case, the principal amount was below the threshold. Therefore, the

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## Parties

- **Judges:** K. Bi…; Manoj Kumar…
- **Appellants:** JANUS GBAC…
- **Respondents:** BELOORBAYIR…
- **Advocates:** Atul Mad…; Pramond…

## Timeline

- **2014-12-12 — Agreement…**: Date of the agreement…
- **2018-11-21 — First Invoi…**: Invoices were raised…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 12A — (1) Subject to sub](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-12a)

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