# In the matter of Mahimegha Agritech Private Limited Company Petition IB-230-2022

> NCLT judgment dated 2022-10-19. Citation: TCN-2022-NCLT-00684. The case involves an application filed by Noveltech Feeds Private Limited under Section 9 of…

- **Court:** NCLT
- **Order date:** 19 Oct 2022
- **Citation:** TCN-2022-NCLT-00684
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/mahimegha-agritech-private-limited-company-petition-ib-230-2022-654a81f8

## Summary

### Background

The case involves an application filed by Noveltech Feeds Private Limited under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Mahimegha Agritech Private Limited, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) and appoint an Interim Resolution Professional (IRP). Noveltech Feeds claimed that Mahimegha Agritech had placed orders for poultry feed, resulting in outstanding bills. The operational creditor, Noveltech Feeds, issued a demand notice to the corporate debtor, Mahimegha Agritech, for the outstanding amount.

## Facts

Noveltech Feeds Private Limited (Operational Creditor) supplied poultry feed to Mahimegha Agritech Private Limited (Corporate Debtor) based on purchase orders. Invoices were raised for Rs. 1,66,40,224.18, which became due on 2021-10-21. Due to delays, an outstanding amount of Rs. 1,66,40,224.18 towards principal and Rs. 26,57,734 towards interest (at 24% per annum from 2021-10-21 to 2022-06-20) accrued, totaling Rs. 1,92,97,958.18. Noveltech Feeds issued a demand notice on 2022-06-17. The Corporate Debtor did not dispute the purchase orders or supply of materials. The Corporate Debtor failed to file a vakalat or counter-affidavit despite being granted time by the Adjudicating Authority. The Adjudicating Authority found that the operational debt exceeded the threshold

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## Issues and analysis

### Issue 1: Whether the Operational Creditor, Noveltech Feeds Private Limited, has proven the existence of an …

**Ratio:** Section 4 of the IB Code, 2016, specifies the minimum threshold for initiating the

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**Reasoning:** The Adjudicating Authority examined the invoices, statements of account, and other

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**Interpretation:** The pecuniary threshold under Section 4 of the IB Code, 2016, is a

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**Application:** In this case, the Operational Creditor provided evidence that the outstanding

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## Parties

- **Judges:** Venkata Ramakrishn…; Veera Brahma Rao…
- **Appellants:** Noveltech Feeds…
- **Respondents:** Mahimegha…

## Timeline

- **2021-10-21 — Principal Amo…**: The principal amount of Rs.…
- **2022-06-17 — Demand Notice…**: Noveltech Feeds Private Limited issued a demand notice to Mahimegha Agritech Private…

## 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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