# In the matter of Farista Vanijya Private Limited C.P (IB) No.1336-KB-2019

> NCLT judgment dated 2022-07-05. Citation: TCN-2022-NCLT-04612. P B Holotech (India) Private Limited, an operational creditor, filed an application under…

- **Court:** NCLT
- **Order date:** 5 Jul 2022
- **Citation:** TCN-2022-NCLT-04612
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-kolkata/farista-vanijya-private-limited-cp-ib-no1336-kb-2019-c4905e66

## Summary

### Background

P B Holotech (India) Private Limited, an operational creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of corporate insolvency resolution process (CIRP) against Farista Vanijya Private Limited, the corporate debtor.

## Facts

P B Holotech (India) Private Limited (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016 against Farista Vanijya Private Limited (Corporate Debtor).

The Operational Creditor claimed that the Corporate Debtor was indebted for a principal sum of Rs. 20,50,572/- along with interest.

The Corporate Debtor made part payments but failed to clear the entire dues.

The Operational Creditor issued a demand notice under Section 8 of the IBC claiming Rs. 29,18,991/- along with interest.

The Corporate Debtor contended that there were pre-existing disputes regarding the quality of goods, rates charged, and delayed delivery.

The Corporate Debtor had sent letters to the Operational Creditor prior to the demand notice raising these issues.

…

## Issues and analysis

### Issue 1: Whether there was a pre-existing dispute between the Operational Creditor and the Corporate Debtor …

**Ratio:** The existence of a pre-existing dispute is a bar to the admission of an application under

…

**Reasoning:** The Corporate Debtor had raised issues regarding the quality of goods, rates charged, and

…

**Interpretation:** The Adjudicating Authority interpreted these letters as evidence of a

…

**Application:** The Adjudicating Authority applied the principle that a pre-existing dispute

…

## Parties

- **Judges:** Rohit K…; Harish Chander…; +1 more
- **Appellants:** P B Holotech…
- **Respondents:** Farista Vanijya…
- **Other parties:** Niraj M…
- **Advocates:** Om Naraya…; Prashat A…; +3 more

## Timeline

- **2022-05-10 — Date of H…**: The matter was heard on…
- **2022-07-05 — Order Pron…**: Order was pronounced on…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 8 — Insolvency resolution by operational creditor](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-8)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-kolkata/farista-vanijya-private-limited-cp-ib-no1336-kb-2019-c4905e66