# In the matter of Srikanth International Private Limited C.P. (IB) No. 320-9-HDB-2021

> NCLT judgment dated 2022-06-30. Citation: TCN-2022-NCLT-01973. The case involves an application filed by M/S Pattabi Enterprises, an operational creditor,…

- **Court:** NCLT
- **Order date:** 30 Jun 2022
- **Citation:** TCN-2022-NCLT-01973
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/srikanth-international-private-limited-cp-ib-no-320-9-hdb-2021-0622bb0b

## Summary

### Background

The case involves an application filed by M/S Pattabi Enterprises, an operational creditor, under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against M/S Srikanth International Private Limited, the corporate debtor. The operational creditor claimed unpaid dues for packaging materials supplied to the corporate debtor for its seafood export business. The corporate debtor contested the application, alleging pre-existing disputes regarding the quality of goods supplied and raising concerns about fictitious invoices.

## Facts

M/S Pattabi Enterprises, a partnership firm, is engaged in the business of printing boxes, lamination boxes, packaging material, and other allied activities. M/S Srikanth International Private Limited is a private limited company engaged in the wholesale business of seafood products. To export seafood products, the Corporate Debtor availed services of the Operational Creditor for packaging materials. The commercial understanding between the parties was as per the quotation provided by the Operational Creditor, after which goods were supplied and invoices were raised. The Operational Creditor claimed that every invoice raised till date has been accepted by the Corporate Debtor, without any dispute. The Operational Creditor credited GST in the account of the Corporate

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## Issues and analysis

### Issue 1: Whether the application filed by the Operational Creditor under Section 9 of the Insolvency and …

**Ratio:** The Insolvency and Bankruptcy Code, 2016 allows an operational creditor to initiate CIRP

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**Reasoning:** The court considered the arguments presented by both parties and examined the documents

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**Interpretation:** Section 9 of the IBC allows an operational creditor to initiate CIRP if there

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**Application:** The court found that the operational creditor had established the existence of

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## Parties

- **Judges:** Bhaskara Pantula…; BINOD KUMAR…
- **Appellants:** Pattabi Enterprise…
- **Respondents:** Srikanth Internati…; Srikanth Internati…
- **Advocates:** Anirudh S…; Ch. Srini…

## Timeline

- **2021-11-10 — Statutory Dema…**: Operational Creditor issued a statutory demand notice to the Corporate Debtor for…
- **2021-11-20 — Corporate Debto…**: Corporate Debtor replied to the demand notice, intimating that there is a pre-existing…

## 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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