# In the matter of M Sea Pharmaceuticals Private Limited CP (IB) No. 527-Chd-HP-2019

> NCLT judgment dated 2023-04-12. Citation: TCN-2023-NCLT-03836. Indo Pack Limited, an operational creditor, filed a petition under Section 9 of the Insolvency…

- **Court:** NCLT
- **Order date:** 12 Apr 2023
- **Citation:** TCN-2023-NCLT-03836
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/m-sea-pharmaceuticals-private-limited-cp-ib-no-527-chd-hp-2019-1899a520

## Summary

### Background

Indo Pack Limited, an operational creditor, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against M SEA Pharmaceuticals Private Limited, the corporate debtor, due to unpaid operational debt. The corporate debtor is a company incorporated on 01.04.2015. The operational creditor supplied printed packaging materials to the corporate debtor between 07.01.2017 and 28.02.2018. The corporate debtor made partial payments but failed to pay Rs. 15,42,292/- from October 2018 onwards. The operational creditor issued a demand notice on 04.07.2019, which was served on the corporate debtor. The corporate debtor replied on 15.07.2019, claiming sound financial health and disputing the

…

## Facts

Indo Pack Limited (Operational Creditor) filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M SEA Pharmaceuticals Private Limited (Corporate Debtor). The Corporate Debtor was incorporated on 01.04.2015. The Operational Creditor supplied printed packaging materials to the Corporate Debtor from 07.01.2017 to 28.02.2018. The Corporate Debtor made partial payments but allegedly failed to pay Rs. 15,42,292/- from October 2018 onwards. The Operational Creditor issued a demand notice on 04.07.2019. The Corporate Debtor replied on 15.07.2019, disputing the debt and claiming a pre-existing dispute regarding the return of print cylinders. The Corporate Debtor claimed the Operational

…

## Issues and analysis

### Issue 1: Whether the demand notice in Form 3 …

**Ratio:** A demand notice is a prerequisite for initiating CIRP under Section 9 of the IBC. Proper

…

**Reasoning:** The Adjudicating Authority noted that the demand notice dated 04.07.2019 was issued by

…

**Interpretation:** The court interpreted the requirement of serving a demand notice as a necessary

…

**Application:** The court applied the ratio to the facts by noting that the demand notice was

…

## Parties

- **Judges:** Harnam Singh…; SUBRATA KUM…
- **Appellants:** Indo Pack L…
- **Respondents:** M SEA Pharmaceutic…

## Timeline

- **2015-04-01 — Incorporation of…**: M SEA Pharmaceuticals Private…
- **2017-01-07 — Supply of Packaging…**: Operational Creditor supplied printed…

## 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)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/m-sea-pharmaceuticals-private-limited-cp-ib-no-527-chd-hp-2019-1899a520