# In the matter of Bio-Med Health Care Products Private Limited

> NCLT judgment dated 2022-09-08. Citation: TCN-2022-NCLT-01132. Optinova AB, an operational creditor, filed a petition under Section 9 of the Insolvency and…

- **Court:** NCLT
- **Order date:** 8 Sept 2022
- **Citation:** TCN-2022-NCLT-01132
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/bio-med-health-care-products-private-limited-eef2a7c9

## Summary

### Background

Optinova AB, an operational creditor, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Bio-Med HealthCare Products Private Limited, the corporate debtor, seeking to initiate the Corporate Insolvency Resolution Process (CIRP). The operational creditor claimed that the corporate debtor defaulted in making payments for medical tubing supplied between October 2017 and March 2018, amounting to Euro 320,406.72. Despite reminders and a demand notice, the corporate debtor allegedly failed to pay the outstanding amount. The corporate debtor acknowledged the debt but claimed to have made partial payments and disputed the remaining amount. The corporate debtor also alleged that a cyber fraud had been committed against it, with payments being

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## Facts

Optinova AB (Operational Creditor) supplied medical tubing to Bio-Med HealthCare Products Private Limited (Corporate Debtor) between October 2017 and March 2018, totaling Euro 320,406.72. The Corporate Debtor defaulted on payments. The Operational Creditor issued a demand notice on 20.02.2019. The Corporate Debtor acknowledged the debt but claimed partial payment of Euro 206,024.32 and proposed installments for the balance. The Operational Creditor denied receiving the alleged payments. The Corporate Debtor claimed that payments were made to a Bank of America account based on instructions from an email purportedly from Optinova. The Operational Creditor denied changing their Nordea Bank account details. The Corporate Debtor filed a police complaint alleging cyber

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## Issues and analysis

### Issue 1: Whether there is an operation debt …

**Ratio:** Section 4 of the Insolvency and Bankruptcy Code, 2016 defines operational debt and

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**Reasoning:** The Adjudicating Authority considered whether the debt claimed by the operational

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**Interpretation:** The operational debt must be a claim in respect of the provision of goods or

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**Application:** The court determined that the debt claimed by Optinova AB for the supply of

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## Parties

- **Judges:** Harnam Singh…; SUBRATA KUM…
- **Appellants:** Optinov…
- **Respondents:** Bio-Med HealthCare…; M/s Bio-Med…
- **Advocates:** Abhishek…; Abhijai Singh…

## Timeline

- **2017-10-01 — Supply of Medic…**: Operational Creditor supplied medical tubing to the Corporate Debtor between October 2017…
- **2018-03-01 — End of Supply…**: The period of supplying medical tubing by the Operational Creditor to the Corporate…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 5(6) — Definitions](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-5)

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