# In the matter of Kevin Ventures LLP

> NCLT judgment dated 2023-09-14. Citation: TCN-2023-NCLT-01632. The case pertains to a Company Petition filed by M/s. PMC YM-Pharma Private Limited…

- **Court:** NCLT
- **Order date:** 14 Sept 2023
- **Citation:** TCN-2023-NCLT-01632
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/kevin-ventures-llp-dd3869a6

## Summary

### Background

The case pertains to a Company Petition filed by M/s. PMC YM-Pharma Private Limited (Operational Creditor) under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Kevin Ventures LLP (Corporate Debtor). The Operational Creditor claims a total outstanding debt of Rs. 3,84,61,125/-, comprising a principal amount of Rs. 2,73,09,675/- and interest of Rs. 1,11,51,450/-. The Corporate Debtor opposed the admission of the petition, disputing the debt and the jurisdiction of the Tribunal.

## Facts

M/s. PMC YM-Pharma Private Limited (Operational Creditor) filed a petition to initiate CIRP against M/s. Kevin Ventures LLP (Corporate Debtor) for a total outstanding debt of Rs. 3,84,61,125/-. The debt comprised a principal amount of Rs. 2,73,09,675/- and interest of Rs. 1,11,51,450/-. The Operational Creditor is a company registered in West Bengal and is a subsidiary of a Foreign Company, engaged in manufacturing chemical products. The Corporate Debtor is a Limited Liability Partnership firm registered in Mumbai, engaged in wholesale trade and commission trade. The Corporate Debtor purchased goods (FQ-Acid chemical component) from the Operational Creditor against nine purchase orders. The Operational Creditor delivered the goods, raised E-Way bills, paid GST, and

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## Issues and analysis

### Issue 1: Whether the present company petition is …

**Ratio:** The jurisdiction of the Tribunal is determined by the location of the Corporate Debtor's

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**Reasoning:** The Tribunal noted that the registered office of the Corporate Debtor falls within the

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**Interpretation:** The NCLT has jurisdiction over cases where the registered office of the

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**Application:** Since the registered office of Kevin Ventures LLP is in Mumbai, the Mumbai

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## Parties

- **Judges:** LAKSHMI G…; Charanjeet Singh…
- **Appellants:** M/s. PMC YM-Pharma…
- **Respondents:** M/s. Kevin…

## Timeline

- **2015-10-07 — Registration of…**: M/S. KEVIN VENTURES LLP/Corporate Debtor is registered as Limited Liability Partnership…
- **2016-01-01 — Enactment…**: Insolvency and…

## 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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