# 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-01967. 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-01967
- **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-2021-162c2238

## 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. Pattabi Enterprises claimed that Srikanth International Private Limited had defaulted on payments for packaging materials supplied for the export of seafood products. The operational creditor issued a statutory demand notice, but the corporate debtor failed to clear the outstanding dues.

## Facts

M/S Pattabi Enterprises, a partnership firm engaged in printing and packaging, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate CIRP against M/S Srikanth International Private Limited. Srikanth International, a private limited company involved in the wholesale seafood business, availed packaging services from Pattabi Enterprises for exporting seafood. The commercial understanding was based on quotations, and invoices were raised after goods were supplied. All invoices were allegedly accepted without dispute. Pattabi Enterprises claimed that Srikanth International failed to pay outstanding dues. A statutory demand notice was issued on 2021-11-10 for Rs. 2,90,30,715/-, including a principal amount of Rs. 2,36,39,065/- and

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

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**Reasoning:** The court found that the operational creditor had provided sufficient evidence, including

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**Interpretation:** Section 9 provides a mechanism for operational creditors to recover their dues

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**Application:** The court applied Section 9 to the facts of the case, finding that the

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## Parties

- **Judges:** Bhaskara Pantula…; BINOD KUMAR…
- **Appellants:** Pattabi Enterprise…
- **Respondents:** Srikanth Internati…; Srikanth Internati…

## Timeline

- **2016-01-01 — Enactment…**: The Insolvency and…
- **2019-03-20 — Issuance of I…**: Invoices were issued from…

## 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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