# In the matter of Peekay Agencies Private Limited

> NCLT judgment dated 2024-11-11. Citation: TCN-2024-NCLT-00274. The case involves a Company Petition (IB) No. 122 of 2024 filed under Section 9 of the…

- **Court:** NCLT
- **Order date:** 11 Nov 2024
- **Citation:** TCN-2024-NCLT-00274
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/peekay-agencies-private-limited-99ce5e25

## Summary

### Background

The case involves a Company Petition (IB) No. 122 of 2024 filed under Section 9 of the Insolvency and Bankruptcy Code, 2016, by Visen Industries Limited (Operational Creditor) against Peekay Agencies Private Limited (Corporate Debtor) for initiation of the Corporate Insolvency Resolution Process (CIRP). The Operational Creditor claimed that they supplied goods to the Corporate Debtor between 2023-06-04 and 2023-08-13, raising 31 invoices totaling Rs. 1,81,89,719. The Corporate Debtor allegedly failed to pay this amount, leading to the filing of the petition.

## Facts

Visen Industries Limited (Operational Creditor) filed a petition against Peekay Agencies Private Limited (Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code, 2016. The Operational Creditor claimed to have supplied goods to the Corporate Debtor from 2023-06-04 to 2023-08-13, raising 31 invoices totaling Rs. 1,81,89,719. The Corporate Debtor allegedly did not pay this amount. The Operational Creditor adjusted a sum of Rs. 55,05,657 from the total outstanding, claiming a remaining sum of Rs. 1,29,53,569 was still due as of 2024-03-31. The Corporate Debtor disputed the liabilities, raising contentions in a letter dated 2023-11-01. The Operational Creditor replied to this letter on the same date. The Corporate Debtor further raised contentions on

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor is liable to pay the Operational Creditor the outstanding amount as …

**Ratio:** The principle of corporate separateness is generally upheld, but exceptions exist where

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**Reasoning:** The court observed that both the Operational Creditor and the Corporate Debtor had a

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**Interpretation:** The court interpreted the conduct of the parties as establishing a pattern of

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**Application:** Given the established practice of group-level adjustments, the court found that

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## Parties

- **Judges:** BIDISHA BA…; D. Ar…
- **Appellants:** Visen Industries…
- **Respondents:** Peekay Agencies…
- **Advocates:** Sayak Ranjan…; Rishav Ba…; +5 more

## Timeline

- **2021-02-09 — Loan Tak…**: The operational creditor took a loan from Multichemical Industries Pvt. Ltd., a sister…
- **2023-06-04 — Supply Star…**: Start date of goods supplied by the…

## 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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