# In the matter of Krishna Enterprises Vs. Gammon India Ltd. CA (AT) Nos. 144 to 148-2018

> NCLAT judgment dated 2018-07-27. Citation: TCN-2018-NCLAT-00181. Several operational creditors filed applications under Section 9 of the Insolvency and…

- **Court:** NCLAT
- **Order date:** 27 Jul 2018
- **Citation:** TCN-2018-NCLAT-00181
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/krishna-enterprises-vs-gammon-india-ltd-ca-08de1265

## Summary

### Background

Several operational creditors filed applications under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process against 'M/s Gammon India Ltd.' (Corporate Debtor). The Adjudicating Authority (National Company Law Tribunal), Mumbai Bench, dismissed the applications after noting that the principal amount of debt had been paid to the Appellants.

## Facts

Several operational creditors filed applications under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process against 'M/s Gammon India Ltd.' The Adjudicating Authority (National Company Law Tribunal), Mumbai Bench, noted that the principal amount of debt had been paid to the Appellants and dismissed the applications. The Appellants argued that the Adjudicating Authority kept the matter pending for a long time and did not dispose of it within 14 days as stipulated under Section 9 of the I&B Code. The Appellants also contended that the 'debt' includes interest. The Appellate Tribunal found that the 14-day period is not mandatory and that if interest is payable as per an agreement, then the debt will include

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## Issues and analysis

### Issue 1: Whether the Adjudicating Authority's delay in disposing of the matter within 14 days, as stipulated …

**Ratio:** The 14-day period prescribed for disposing of matters under Section 9 of the I&B Code

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**Reasoning:** The Appellate Tribunal has already held

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**Interpretation:** Section 9 of the I&B Code stipulates a timeline for the Adjudicating

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**Application:** The Appellate Tribunal rejected the Appellant's submission that the

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## Parties

- **Judges:** S.J. Mukhop…; Bansi Lal…
- **Appellants:** Krishna Enterprise…
- **Respondents:** Gammon Indi…

## Timeline

- **2018-07-27 — Filing of Appl…**: Appellant(s) (Operational Creditors) filed applications under Section 9 of the Insolvency…

## 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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