# In the matter of Ringlab (India) Private Limited C.P. (IB) No. 666-MB-2022

> NCLT judgment dated 2023-05-16. Citation: TCN-2023-NCLT-03351. Top India Logistics, the Operational Creditor, filed an application under Section 9 of the…

- **Court:** NCLT
- **Order date:** 16 May 2023
- **Citation:** TCN-2023-NCLT-03351
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/ringlab-india-private-limited-cp-ib-no-666-mb-2022-003d9791

## Summary

### Background

Top India Logistics, the Operational Creditor, filed an application under Section 9 of the Insolvency & Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against RNGLAB (India) Private Limited, the Corporate Debtor, due to a default in payment of Rs. 2,50,00,000/-.

## Facts

Top India Logistics, the Operational Creditor, filed an application under Section 9 of the Insolvency & Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against RNGLAB (India) Private Limited, the Corporate Debtor. The Operational Creditor claimed a default of Rs. 2,50,00,000/-, with the date of default being August 22, 2021. The application was filed on May 31, 2022. The Operational Creditor, engaged in warehousing and logistics, entered into a Warehousing & Logistics Partner Agreement with the Corporate Debtor on May 27, 2021. Under this agreement, Top India Logistics was appointed as a clearing and forwarding agent for Maharashtra to distribute and store the Corporate Debtor's product 'Co-Wise'. The Corporate

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor committed a …

**Ratio:** The NCLT found that the Corporate Debtor was unable to pay its debts arising in the usual

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**Reasoning:** The Corporate Debtor received Rs. 2,50,00,000/- from the Operational Creditor under a

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**Interpretation:** The NCLT interpreted the failure to supply goods after receiving advance

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**Application:** Given the documented transactions, the bounced cheques, and the acknowledged

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## Parties

- **Judges:** Prabhat…; KISHORE VEMULAPALL…
- **Appellants:** Top India…
- **Respondents:** RNGLAB (India)…
- **Advocates:** Jasveen B…; For the Petitioner…; +4 more

## Timeline

- **May 27, 2021 — Agreement…**: Operational Creditor and Corporate Debtor entered into a Warehousing & Logistics Partner…
- **May 31, 2021 — First Advance…**: Operational Creditor transferred INR…

## 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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