# In the matter of Neoaska Pharma Private Limited CP (IB) No. 241-9-HDB-20

> NCLT judgment dated 2022-04-01. Citation: TCN-2022-NCLT-03421. The case involves an application filed by Atifa Constructions Pvt Ltd, an operational creditor,…

- **Court:** NCLT
- **Order date:** 1 Apr 2022
- **Citation:** TCN-2022-NCLT-03421
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/neoaska-pharma-private-limited-cp-ib-no-241-9-hdb-20-968ef8f6

## Summary

### Background

The case involves an application filed by Atifa Constructions Pvt Ltd, an operational creditor, against Neoska Pharma Pvt Ltd, the corporate debtor, under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016. The operational creditor claimed an outstanding amount of Rs. 9,51,28,800 along with interest at 18% per annum from the date of default. The corporate debtor had issued a Letter of Intent to the operational creditor for civil and structural work at its Visakhapatnam plant. The operational creditor raised invoices for the work done, and the corporate debtor made a partial payment but failed to pay the remaining amount. Despite reminders, the corporate debtor failed to pay the outstanding amount, leading the operational creditor to issue a demand notice and

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## Facts

Atifa Constructions Pvt Ltd (Operational Creditor) filed a petition against Neoska Pharma Pvt Ltd (Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016, claiming an outstanding debt of Rs. 9,51,28,800/- along with 18% interest per annum. Neoska Pharma had issued a Letter of Intent (LI) on 23.10.2018 to Atifa Constructions for civil and structural work at its Visakhapatnam plant. Atifa Constructions raised invoices from 02.03.2019 to 15.05.2020, totaling Rs. 26,03,64,186/-. Neoska Pharma made a part payment of Rs. 18,72,58,867/- but failed to pay the remaining amount. Atifa Constructions issued reminders, but Neoska Pharma failed to pay. A demand notice was issued on 10.08.2021 and served on 16.08.2021. Neoska Pharma acknowledged the debt

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## Issues and analysis

### Issue 1: Whether there is an 'operational debt' as …

**Ratio:** The legal principle is that an operational debt exists when there is a claim in respect

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**Reasoning:** The NCLT considered the invoices raised by the operational creditor for the work done for

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**Interpretation:** The term 'operational debt' is interpreted as a debt related to the day-to-day

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**Application:** In this case, the invoices raised by Atifa Constructions for the construction

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## Parties

- **Judges:** Venkata Ramakrishn…; SH. VEERA BRAHMA…
- **Appellants:** Atifa Construction…
- **Respondents:** Neoska Pharma Pvt…

## Timeline

- **2018-10-23 — Letter of Inte…**: Neoska Pharma Pvt Ltd issued a Letter of Intent (LI) to Atifa Constructions Pvt Ltd for…
- **2019-03-02 — Invoice Perio…**: Atifa Constructions Pvt Ltd started…

## 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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