# In the matter of Panoramic Holidays Limited CP (IB) 3796-MB-2019

> NCLT judgment dated 2022-07-22. Citation: TCN-2022-NCLT-01604. The case originates from a petition filed by Ruptub Solutions Private Limited (Operational…

- **Court:** NCLT
- **Order date:** 22 Jul 2022
- **Citation:** TCN-2022-NCLT-01604
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/panoramic-holidays-limited-cp-ib-3796-mb-2019-0126f57e

## Summary

### Background

The case originates from a petition filed by Ruptub Solutions Private Limited (Operational Creditor) under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against Panoramic Holidays Limited (Corporate Debtor) due to unpaid operational debt. The Operational Creditor provided services to the Corporate Debtor, raising invoices for these services. The Corporate Debtor started defaulting on payments from 12.12.2017, despite repeated requests and assurances. The Operational Creditor issued a demand notice, but the Corporate Debtor failed to clear the outstanding dues. The registered office of the Corporate Debtor was sealed/attached by a bank under SARFAESI Act proceedings. The Operational Creditor

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## Facts

Ruptub Solutions Private Limited (Operational Creditor) filed a petition against Panoramic Holidays Limited (Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP). The Operational Creditor provided hospitality services to the Corporate Debtor, raising invoices for these services. The Corporate Debtor started defaulting on payments from 12.12.2017. On 27.02.2018, the Operational Creditor sent an invoice reconciliation statement for the period from April 2017 to October 2017, stating that the outstanding amount was INR 47,76,436.81. The Corporate Debtor admitted its liability of INR 47,76,436.81 via email dated 01.03.2018. The Operational Creditor continued to provide services

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor defaulted on its …

**Ratio:** Section 9 of the Insolvency and Bankruptcy Code, 2016, allows an operational creditor to

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**Reasoning:** The court observed that the Corporate Debtor admitted its liability in emails dated

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**Interpretation:** The legal issue revolves around the interpretation of 'default' under the IBC.

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**Application:** The court applied the ratio to the facts by considering the admitted liability,

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## Parties

- **Judges:** P.N. Des…; Shyam Babu…
- **Appellants:** Ruptub Solutions…
- **Respondents:** Panoramic…
- **Advocates:** P.N. Des…; Shyam Babu…; +1 more

## Timeline

- **2017-12-12 — Default on P…**: The Respondent started defaulting on payments…
- **2018-02-27 — Invoice Reconciliation…**: The Petitioner sent an invoice reconciliation statement to the Respondent, stating that…

## 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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