# In the matter of Pacer Secure Services Limited

> NCLT judgment dated 2024-04-02. Citation: TCN-2024-NCLT-01888. The operational creditor filed an application under Section 9 of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 2 Apr 2024
- **Citation:** TCN-2024-NCLT-01888
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/pacer-secure-services-limited-9b4e03d1

## Summary

### Background

The operational creditor filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process against the corporate debtor due to an alleged default in payment for deep cleaning and antimicrobial services.

## Facts

M/s Wellnex Global Services India LLP, the operational creditor, filed an application on June 22, 2023, under Section 9 of the Insolvency and Bankruptcy Code, 2016, read with Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016. The application sought to initiate the Corporate Insolvency Resolution Process against M/s. Pacer Secure Services Limited, the corporate debtor, for a default in payment. The operational creditor claimed an outstanding amount of INR 1,67,40,000/-, comprising a principal amount of INR 1,35,18,375/- and interest at 24% per annum from November 1, 2022, to February 25, 2023. The Tribunal noted that while the interest calculation appeared incorrect, the principal amount itself exceeded the threshold of INR 1

…

## Issues and analysis

### Issue 1: Whether the corporate debtor committed a …

**Ratio:** A clear admission of debt by the corporate debtor, coupled with non-payment and failure

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**Reasoning:** The corporate debtor admitted to the service agreement, the invoices raised by the

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**Interpretation:** The Tribunal interpreted the corporate debtor's affidavit as a clear admission

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**Application:** Given the corporate debtor's explicit admission of the outstanding principal

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## Parties

- **Judges:** Ramalingam…; AVINASH K.…
- **Appellants:** M/s Wellnex…
- **Respondents:** M/s. Pacer Secure…
- **Advocates:** Ramneek M…; Deepa M…

## Timeline

- **November 1, 2022 — Service Agreem…**: Applicant and Respondent entered into a service agreement for deep cleaning,…
- **November 1, 2022 — Interest Calculation…**: Interest @ 24% p.a. claimed from…

## 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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