# In the matter of Exotica Ventures Private Limited I.A. (IB) No. 1078-KB-209 in CP (IB) No. 373-KB-2018

> NCLT judgment dated 2022-09-06. Citation: TCN-2022-NCLT-01151. Maple Overseas Trade Private Limited, the Operational Creditor, filed a petition under Section…

- **Court:** NCLT
- **Order date:** 6 Sept 2022
- **Citation:** TCN-2022-NCLT-01151
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/exotica-ventures-private-limited-ia-ib-no-1078-kb-209-in-cp-ib-no-373-kb-2018-02bb19a9

## Summary

### Background

Maple Overseas Trade Private Limited, the Operational Creditor, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Exotica Ventures Private Limited, the Corporate Debtor, for failing to pay a sum of Rs. 46,68,629.99. This amount included a principal sum of Rs. 27,24,938 and an interest component of Rs. 19,43,691.99 calculated at 18% per annum until November 30, 2017. The Operational Creditor claimed to have supplied Soya DOC to the Corporate Debtor between January 5, 2015, and April 3, 2015. The Corporate Debtor disputed the debt, citing deductions for quality issues and transportation charges. The Corporate Debtor also filed I.A. (IB) No. 1078/KB/2019 seeking sanctions and actions against the directors of the Operational Creditor for

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## Facts

Maple Overseas Trade Private Limited (Operational Creditor) claimed that Exotica Ventures Private Limited (Corporate Debtor) owed Rs. 46,68,629.99, including principal and interest, for Soya DOC supplied between January 5, 2015, and April 3, 2015. The Operational Creditor filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016. The Corporate Debtor disputed the debt, claiming deductions for quality issues and transportation charges. The Corporate Debtor relied on emails and Goods Received Notes (GRNs) to support its claim of quality issues. The Operational Creditor challenged the validity of these documents and the involvement of Mr. Kailash Garg in the email communications. The last payment made by the Corporate Debtor was on July 27, 2015, for

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## Issues and analysis

### Issue 1: Whether there was a …

**Ratio:** The existence of a pre-existing dispute, as defined under Section 5(6) of the Insolvency

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**Reasoning:** The court found that the Corporate Debtor had presented evidence of emails and GRNs

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**Interpretation:** The court interpreted the evidence to show that the Corporate Debtor had raised

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**Application:** The court applied the ratio to the facts by finding that the emails and GRNs

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## Parties

- **Judges:** RohitKa…; Balraj…
- **Appellants:** Maple Overseas…
- **Respondents:** Exotica Ventures…
- **Advocates:** Anand Prabh…; Manju Bhu…; +2 more

## Timeline

- **2015-01-05 — Supply of S…**: Operational Creditor supplied Soya DOC to the Corporate Debtor between 05 January 2015…
- **2015-04-03 — Supply of S…**: Operational Creditor supplied Soya DOC to the Corporate Debtor between 05 January 2015…

## 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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