# In the matter of Fbonline Trading Private Limited IB-517(ND)-2021

> NCLT judgment dated 2022-07-27. Citation: TCN-2022-NCLT-04570. Ingram Micro India Private Limited filed an application under Section 9 of the Insolvency and…

- **Court:** NCLT
- **Order date:** 27 Jul 2022
- **Citation:** TCN-2022-NCLT-04570
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-new-delhi/fbonline-trading-private-limited-ib-517nd-2021-0f6dfda4

## Summary

### Background

Ingram Micro India Private Limited filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate corporate insolvency resolution process against Fbonline Trading Private Limited for an alleged default of Rs. 1,21,35,589.75.

## Facts

Ingram Micro India Private Limited (Operational Creditor) filed an application to initiate CIRP against Fbonline Trading Private Limited (Corporate Debtor) under Section 9 of the IBC, 2016.

The Operational Creditor claimed a default of Rs. 1,21,35,589.75, including interest of Rs. 42,73,463.75 calculated at 24% annually till 19.07.2021.

The Corporate Debtor is engaged in the business of providing wholesale services of household goods including electronic items.

The Operational Creditor and the Corporate Debtor were engaged in business transactions since January 2016.

The Corporate Debtor issued a cheque dated 21th July 2020 for Rs. 78,62,126.00, which was dishonoured with comments 'Payment Stopped By Drawer'.

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## Issues and analysis

### Issue 1: Whether the interest amount can be clubbed with the principal amount of debt to arrive at the …

**Ratio:** The definition of 'operational debt' under Section 5(21) of the IBC does not specifically

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**Reasoning:** The Tribunal referred to a judgment by the NCLAT in Krishna Enterprises Vs Gammon India

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**Interpretation:** The Tribunal interpreted Section 4 of the IBC, 2016, to mean that the minimum

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**Application:** In the present case, there was no provision for payment of interest on delayed

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## Parties

- **Judges:** P.S.N. P…; RAHUL BHA…
- **Appellants:** Ingram Micro…
- **Respondents:** Fbonline Trading…
- **Advocates:** Sonali…; Dhan M…

## Timeline

- **2020-07-21 — Cheque Issu…**: Corporate Debtor issued a cheque dated…
- **2020-07-24 — Cheque Dishon…**: The cheque was dishonoured and returned…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 5(21) — Definitions](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-5)

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