# In the matter of Coromandel Agrico Pvt. Ltd. CP (IB) No. 228-ALD-2018

> NCLT judgment dated 2022-04-19. Citation: TCN-2022-NCLT-03227. The case originates from an application filed by Arysta Life Science India Ltd, the Operational…

- **Court:** NCLT
- **Order date:** 19 Apr 2022
- **Citation:** TCN-2022-NCLT-03227
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/coromandel-agrico-pvt-ltd-cp-ib-no-228-ald-2018-6b273fb4

## Summary

### Background

The case originates from an application filed by Arysta Life Science India Ltd, the Operational Creditor, under Section 9 of the Insolvency & Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against Coromandel Agrico Pvt. Ltd, the Corporate Debtor. The Operational Creditor claimed that the Corporate Debtor defaulted on payments for supplied pesticide products. The application was filed due to unpaid invoices despite repeated requests. The Corporate Debtor acknowledged the debt but contested the amount and raised issues regarding the reprocessing of certain materials and alleged losses incurred due to the creditor's actions.

## Facts

Arysta Life Science India Ltd, the Operational Creditor, filed an application under Section 9 of the Insolvency & Bankruptcy Code, 2016, to initiate CIRP against Coromandel Agrico Pvt. Ltd, the Corporate Debtor, due to unpaid invoices for supplied pesticide products. The purchase order was dated 2015-09-23. The Operational Creditor sent a demand notice on 2018-04-02, which the Corporate Debtor received and replied to. The Corporate Debtor made partial payments totaling Rs. 42,60,063, and the Operational Creditor issued a credit note of Rs. 8,39,901. The Operational Creditor claimed that Rs. 37,00,349 was still due, and sent a legal notice on 2018-01-31 demanding payment with 18% interest from 2016-01-26. The Corporate Debtor sent a letter on 2018-03-28 with a

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## Issues and analysis

### Issue 1: Whether the application filed by the Operational Creditor under Section 9 of the Insolvency & …

**Ratio:** Section 9 of the Insolvency & Bankruptcy Code, 2016, outlines the requirements for an

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**Reasoning:** The court observed that the application filed under Section 9 was complete and complied

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**Interpretation:** The interpretation of Section 9 involves ensuring that the operational creditor

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**Application:** In this case, the court found that the Operational Creditor had submitted all

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## Parties

- **Judges:** SH. RAJASEKHAR…; SH. VIRENDRA…
- **Appellants:** Arysta Life…
- **Respondents:** Coromandel Agrico…

## Timeline

- **2015-09-23 — Purchase Ord…**: Date of the purchase order for pesticide…
- **2018-01-31 — Legal Notice o…**: Operational Creditor sent a legal notice…

## 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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