# In the matter of OMICS International Pvt. Ltd.

> NCLT judgment dated 2023-12-21. Citation: TCN-2023-NCLT-00101. M/s. Sun Printers, an operational creditor, filed an application under Section 9 of the…

- **Court:** NCLT
- **Order date:** 21 Dec 2023
- **Citation:** TCN-2023-NCLT-00101
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/omics-international-pvt-ltd-45d9a86c

## Summary

### Background

M/s. Sun Printers, an operational creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of the Corporate Insolvency Resolution Process (CIRP) against M/s. Omics International Pvt Ltd, the corporate debtor. The operational creditor claimed a total debt of Rs. 1,05,37,712/-, including a principal amount of Rs. 68,96,128/- and interest of Rs. 36,41,582/- calculated at 24% per annum, based on invoices raised since 18.02.2019. The corporate debtor contested the claim, alleging a pre-existing dispute, denying the applicability of the claimed interest rate, and asserting that the operational creditor actually owed money to the corporate debtor. The corporate debtor also filed a police complaint alleging forgery of

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## Facts

M/s. Sun Printers (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate CIRP against M/s. Omics International Pvt Ltd (Corporate Debtor). The Operational Creditor claimed a debt of Rs. 1,05,37,712/-, including Rs. 68,96,128/- as principal and Rs. 36,41,582/- as interest at 24% per annum from 18.02.2019. The debt allegedly arose from the supply of print material. The Corporate Debtor disputed the debt, claiming a pre-existing dispute and that the Operational Creditor actually owed money to them. The Corporate Debtor contended that the Operational Creditor had earlier claimed interest at 18% in a legal notice dated 04.09.2021. The Corporate Debtor also alleged that purchase orders mentioning the 24% interest

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## Issues and analysis

### Issue 1: Whether the operational debt claimed as due and defaulted by the respondent does not meet the …

**Ratio:** The threshold limit for initiating CIRP under Section 4 of the IBC is Rs. 1 crore. If the

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**Reasoning:** The NCLT found that the operational creditor's claim included interest calculated at 24%

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**Interpretation:** Section 4 of the IBC sets the minimum threshold for initiating CIRP. The debt

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**Application:** In this case, the NCLT determined that the operational creditor's claim,

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## Parties

- **Judges:** Venkata Ramakrishn…; SH. CHARAN…
- **Appellants:** Sun Pri…
- **Respondents:** OMICS Intermationa…

## Timeline

- **2016-01-01 — Enactment…**: The Insolvency and Bankruptcy…
- **2019-02-18 — Date of D…**: Various invoices raised…

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