IN THE NATIONAL COMPANY LAW TRIBUNAL

BENGALURU BENCH

(Exercising powers of Adjudicating Authority under

The Insolvency and Bankruptcy Code, 2016)

U/s. 9 of the IBC, 2016

R/w Rule 6 of the IBC (AAA) Rules, 2016

IN THE MATTER OF:

JANUS GBAC LIMITED

Springmead Farm, Priddles Lane,

Combe St Nicholas, Somerset,

United Kingdom – TA203HS

Rep. by

CS Hari Babu Thota

41/1, 2^ND Floor, 11^th Cross, 8^th Main

2^nd Block, Jayanagar, Bengaluru

… Petitioner/Operational Creditor

Versus

BELOORBAYIR BIOTECH LIMITED

# 4112, Utkarsha, K R Road

Banashankari 2^nd Stage, Bangalore- 560070

… Respondent/Corporate Debtor

Order delivered on: 04/10/2024

Coram: Hon’ble Justice K. Biswal, Member (Judicial)

Hon’ble Shri. Manoj Kumar Dubey, Member (Technical)

PRESENT:

For the Petitioner : Shri Atul Madhavan

For the Respondent : Shri Pramond Nair, Sr Counsel

.

O R D E R

Per: Manoj Kumar Dubey, Member (Technical)

1. The present Company petition is filed on 27/07/2023, under

section 9 of the Insolvency and Bankruptcy Code, 2016 (for brevity

‘IB Code), r/w. Rule 6 of the I&B (Application to Adjudicating Authority) Rules 2016, by JANUS GBAC LIMITED. (for brevity ‘Operational Creditor/Petitioner’) inter alia seeking to initiate Corporate Insolvency Resolution Process against Beloorbayir Biotech Limited (hereinafter referred as ‘Corporate Debtor/Respondent) on the ground that the Corporate Debtor has committed a default for a total outstanding amount of USD 140,513.09 (US Dollars One Hundred and Forty Thousand Five Hundred and Thirteen and Nine Cents). In Part IV of Form No.5 filed with application, the following information is given:

1 Total amount of Debt, Principal: USD 105,300.60 details of Transactions Interest: USD 35,212.49 on account of which debt Total Debt: 140,513.09 fell due and the date from which such debt The above debt has occurred on fell due account of supply of bottles made by the Operational Creditor herein to the Corporate Debtor and interest charged due to such non- payment as per the applicable law of the home country of the supplier.

Date of Default: 15/03/2020

2 Amount claimed to be in Default Amount:

Default and dates on USD 140,513.09(USD Dollars One which the Defaults Hundred and Forty Thousand Five occurred (Attach the Hundred and Thirteen and Nine workings for Cents)

computation of amount and days of Default in Tabular Form) Default in INR Rs. 1,14,98,186.15(Rupees One Crore Fourteen Lakh Ninety- Eight Thousand One hundred and Eighty- Six and Fifteen Paise)

Conversion Rate: Rs 81.83 per Dollar on 24^th July 2023)

Date of Default: 15/03/2020

2. Brief facts of the case, which are relevant to the issue in question, and as narrated by the Petitioner are as follows:

i) The present Petition is being filed by Janus GBAC Limited, Operational Creditor with the debt more than INR 1 Crore, against Beloorbayir Biotech Limited (Corporate Debtor) for initiation of CIRP under Section 9 of IBC, 2016 and Rules and Regulations made thereunder for revival of the Corporate Debtor.

ii) The petitioner company was supplier of goods to respondent company and an amount of USD 1,40,513.09 (One Hundred and Forty Thousand Five Hundred and Thirteen US Dollars and Nine Cents) which is roughly Rs. 1,14,98,186.15 (Rupees One Crore Fourteen Lakh Ninety-Eight Thousand One Hundred and Eighty Six and Fifteen Paise) at a conversion rate of INR 81.83 per US Dollar as on 24/07/2023.

iii) The present application has been preferred by the applicant company in order to revive the Corporate Debtor from its insolvency and for protection of interest of all stakeholders. A recourse to mediation under Section 12A of the Chapter III-A of Commercial Courts Act, 2015 was also taken in order to settle the matter amiably. However, the respondent company has been reluctant to co-operate and settle the matter, hence, the petitioner is left with no other recourse, but to file this petition.

3. The Respondent filed its statement of objection, vide Diary No: 5690 dated 10/11/2023, and written submission vide Diary No: 5170, dated 04/09/20