# In the matter of United Futuristic Trade Impex Pvt. Ltd. vs. Varaha Infra Ltd.

> NCLAT judgment dated 2025-03-21. Citation: TCN-2025-NCLAT-00153. The appeal was filed against an order dated 22.01.2025 passed by the NCLT, Jaipur Bench,…

- **Court:** NCLAT
- **Order date:** 21 Mar 2025
- **Citation:** TCN-2025-NCLAT-00153
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/united-futuristic-trade-impex-pvt-ltd-vs-varaha-infra-ltd-0554724f

## Summary

### Background

The appeal was filed against an order dated 22.01.2025 passed by the NCLT, Jaipur Bench, which closed the Section 9 application filed by the Appellant, observing that the entire amount mentioned in Part IV had been received by the Appellant. The Appellant had filed the Section 9 application claiming Rs. 5,54,29,101/- including interest of Rs. 92,59,040/-. Notices were issued, and the Corporate Debtor stated they had paid the entire principal amount, with the remaining substantial interest part to be paid the next month. The Adjudicating Authority held that the entire Principal Amount had been paid, and the Corporate Debtor had paid Rs. 6,17,45,142/-, leading to the dismissal of the Section 9 application, which prompted the appeal.

## Facts

United Futuristic Trade Impex Pvt. Ltd. filed a Section 9 application against Varaha Infra Ltd. claiming Rs. 5,54,29,101/- including interest of Rs. 92,59,040/-. The NCLT, Jaipur Bench, closed the application, observing that the entire amount mentioned in Part IV had been received by the Appellant. The Corporate Debtor stated they had paid the entire principal amount, with the remaining substantial interest part to be paid the next month. The Adjudicating Authority held that the entire Principal Amount had been paid, and the Corporate Debtor had paid Rs. 6,17,45,142/-, leading to the dismissal of the Section 9 application. The Appellant argued that Consent Terms were entered between the parties during the pendency of the Section 9 proceeding and that the payment made

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## Issues and analysis

### Issue 1: Whether the Adjudicating Authority was correct in rejecting the Section 9 application filed by the …

**Ratio:** The only test to admit an Application under section 9 IBC is whether a debt above the

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**Reasoning:** The court found that the entire amount claimed in the Section 9 application had been paid

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**Interpretation:** Section 9 of the IBC allows an operational creditor to initiate the corporate

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**Application:** In this case, the Corporate Debtor had paid the entire amount claimed in the

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## Parties

- **Judges:** Ashok Bh…; Barun M…; +1 more
- **Appellants:** United Futuristic…
- **Respondents:** Varaha Infr…
- **Advocates:** Balaji Hari…; Utkarsh…; +2 more

## Timeline

- **2025-01-22 — Order by NCLT, Jaipur…**: NCLT, Jaipur Bench passed an order closing the Section 9 application filed by the…
- **2025-03-21 — Appeal F…**: The Appellant filed an appeal against the order dated 22.01.2025 passed by the NCLT,…

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