# In the matter of Neuvera Wellness Ventures Private Limited

> NCLT judgment dated 2024-04-10. Citation: TCN-2024-NCLT-01761. Scitec Iparies Kereskedelmi K., the Operational Creditor, filed a Company Petition under…

- **Court:** NCLT
- **Order date:** 10 Apr 2024
- **Citation:** TCN-2024-NCLT-01761
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/neuvera-wellness-ventures-private-limited-96297d79

## Summary

### Background

Scitec Iparies Kereskedelmi K., the Operational Creditor, filed a Company Petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Neuvera Wellness Ventures Private Limited, the Corporate Debtor. The Operational Creditor claimed that the Corporate Debtor owed them Euro 77,134.5, equivalent to Rs.60,62,771.7, including interest, for goods supplied under a distribution agreement. The Corporate Debtor disputed the claim, alleging defective goods and failure of the Operational Creditor to fulfill marketing obligations. The Corporate Debtor also argued that there was no provision for 18% interest in the invoice or distribution agreement. The Operational Creditor issued demand notices, which the

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## Facts

Scitec Iparies Kereskedelmi K. (Operational Creditor) filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Neuvera Wellness Ventures Private Limited (Corporate Debtor). The Operational Creditor and Corporate Debtor entered into a Distribution Agreement on 16.01.2015, where the Corporate Debtor was appointed as an exclusive distributor for the Operational Creditor's products in India. The Operational Creditor claimed that the Corporate Debtor owed Euro 77,134.5 (equivalent to Rs.60,62,771.7), including interest, for unpaid invoices. The invoices were raised for goods supplied under the distribution agreement. The date of default was 28.08.2018. The Corporate Debtor acknowledged

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## Issues and analysis

### Issue 1: Whether the petition filed by the Operational Creditor is maintainable under Section 9 of the …

**Ratio:** A petition under Section 9 of the IBC is not maintainable if there is a pre-existing

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**Reasoning:** The court reasoned that the Corporate Debtor had raised a dispute regarding the quality

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**Interpretation:** Section 9 of the IBC requires that there be no pre-existing dispute for a

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**Application:** The court applied the ratio to the facts and found that a pre-existing dispute

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## Parties

- **Judges:** SH. PRABHAT…; V.G. B…
- **Appellants:** Scitec Iparies…
- **Respondents:** Neuvera Wellness…

## Timeline

- **2015-01-16 — Distribution A…**: Operational Creditor and Corporate Debtor…
- **2018-08-28 — Date of D…**: Date from which the debt has fallen due…

## 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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