# Kotyark Industries Limited vs. Global Medicines Ltd

> NCLT judgment dated 5 Dec 2025. Citation: TCN-2025-NCLT-01796. Kotyark Industries Limited, an Operational Creditor, filed an application under Section 9 of…

- **Court:** NCLT
- **Order date:** 5 Dec 2025
- **Citation:** TCN-2025-NCLT-01796
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-kolkata/kotyark-industries-limited-vs-global-medicines-ltd-3475f5d7

## Summary

### Background

Kotyark Industries Limited, an Operational Creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016 to initiate the Corporate Insolvency Resolution Process (CIRP) against Global Medicines Limited, the Corporate Debtor, for defaulting on a payment of INR 3,79,81,906/-. The Operational Creditor claimed to have supplied goods to the Corporate Debtor between 29.07.2017 and 01.02.2020.

## Facts

Kotyark Industries Limited filed an application under Section 9 of the IBC to initiate CIRP against Global Medicines Limited.

The claimed default amount is INR 3,79,81,906/- including interest, with a default date of 01.02.2020.

Kotyark Industries Limited supplied goods to Global Medicines Limited from 29.07.2017 to 01.02.2020 and raised invoices for each delivery.

Global Medicines Limited denies the allegations and claims no operational debt is due.

The respondent claims the interest of INR 2,77,14,209/- is based on the applicant's fabricated ledger.

The respondent claims the applicant is not entitled to claim interest because the goods were supplied after the purchase order and the purchase order does not contain any term for interest.

…

## Issues and analysis

### Issue 1: Whether there is a valid debt and default for …

**Ratio:** Section 9 of the IBC allows an operational creditor to initiate CIRP against a corporate

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**Reasoning:** The Adjudicating Authority observed from the invoices that the terms of delivery and

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**Interpretation:** The Adjudicating Authority interpreted that the signed invoices constituted a

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**Application:** Based on the signed invoices and the admission of supply, the Adjudicating

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## Parties

- **Judges:** Chitra Ha…; Velamur G Venkata…
- **Appellants:** Kotyark Industries…
- **Respondents:** Global Medicines…
- **Other parties:** Insolvency and…; Corporate…; +4 more

## Timeline

- **2020-02-01 — Date of D…**: The date of default is…
- **2021-09-17 — Demand Notice…**: Demand notice was issued by the…

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