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

> NCLT judgment dated 2022-07-22. Citation: TCN-2022-NCLT-01588. The case originates from a petition filed by Ruptub Solutions Private Limited (Operational…

- **Court:** NCLT
- **Order date:** 22 Jul 2022
- **Citation:** TCN-2022-NCLT-01588
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/panoramic-holidays-limited-cp-ib-3796-mb-2019-6275dfb1

## 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) provided hospitality services to Panoramic Holidays Limited (Corporate Debtor). The Corporate Debtor defaulted on payments starting 12.12.2017. The Operational Creditor sent an invoice reconciliation statement on 27.02.2018, stating an outstanding amount of INR 47,76,436.81. The Corporate Debtor admitted its liability via email on 01.03.2018. The Operational Creditor continued to provide services until 31.05.2018, by which time the amount due was INR 57,02,494.33. A demand notice was issued on 13.06.2018, but the Corporate Debtor failed to clear the dues. A fresh demand notice was issued on 27.06.2019, but it was returned unserved. The registered office of the Corporate Debtor was sealed/attached by a bank. A

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## Issues and analysis

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

**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 had admitted its liability in email

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**Interpretation:** The court interpreted Section 9 of the IBC to mean that if a debt is due and

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**Application:** The court applied the ratio to the facts by finding that the Corporate Debtor

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## Parties

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

## Timeline

- **2017-12-12 — Default on P…**: Panoramic Holidays Limited (Corporate Debtor) started defaulting on payments to Ruptub…
- **2018-02-27 — Invoice Reconciliation…**: Ruptub Solutions sent an invoice reconciliation statement to Panoramic Holidays, stating…

## 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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