# In the matter of Karkinos Healthcare Private Limited

> NCLT judgment dated 2024-05-21. Citation: TCN-2024-NCLT-01298. Labindia Instruments Private Limited filed a petition against Karkinos Healthcare Private…

- **Court:** NCLT
- **Order date:** 21 May 2024
- **Citation:** TCN-2024-NCLT-01298
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/karkinos-healthcare-private-limited-9c04a87c

## Summary

### Background

Labindia Instruments Private Limited filed a petition against Karkinos Healthcare Private Limited under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) due to non-payment of INR 5,22,00,385. The Operational Creditor claimed that the Corporate Debtor failed to make payments for lab equipment supplied based on purchase orders issued between October 2022 and January 2024. The Corporate Debtor acknowledged the debt and default but cited financial stress as the reason for non-payment.

## Facts

Labindia Instruments Private Limited (Operational Creditor) filed a petition against Karkinos Healthcare Private Limited (Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of CIRP. The claim was for INR 5,22,00,385 due to non-payment for lab equipment supplied. The Operational Creditor stated that the Corporate Debtor issued five purchase orders between October 2022 and January 2024. Invoices were raised for the supplied equipment, but payments were not received for invoices dated between February 1, 2023, and March 12, 2024. A demand notice was sent on April 1, 2024, and the Corporate Debtor replied on April 8, 2024, citing financial stress and requesting an extension. The Corporate Debtor, in its reply dated May 18,

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor defaulted on …

**Ratio:** Section 9 of the Insolvency and Bankruptcy Code, 2016, allows an operational creditor to

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**Reasoning:** The Corporate Debtor admitted the debt and default in its reply to the demand notice and

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**Interpretation:** The admission of debt and default by the Corporate Debtor is a critical factor

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**Application:** The Corporate Debtor's admission of the debt and its inability to pay, due to

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## Parties

- **Judges:** ANIL RAJ C…; KISHORE VEMULAPALL…
- **Appellants:** Labindia Instrumen…
- **Respondents:** Karkinos Healthcar…

## Timeline

- **2022-10-01 — Purchase Order…**: The Corporate Debtor issued five purchase orders to the Operational Creditor between…
- **2023-02-01 — Invoices…**: The Operational Creditor raised invoices for the supplied equipment between February 1,…

## 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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