# In the matter of Vibrus Homes Pvt. Ltd. Vs. Ashimara Housing Pvt. Ltd. & Anr. Company Appeal (AT) (Insolvency) No. 80 of 2022

> NCLAT judgment dated 2022-04-22. Citation: TCN-2022-NCLAT-00521. The appeal was filed against an order dated 21.12.2021 passed by the Adjudicating Authority,…

- **Court:** NCLAT
- **Order date:** 22 Apr 2022
- **Citation:** TCN-2022-NCLAT-00521
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/vibrus-homes-pvt-ltd-vs-ashimara-housing-pvt-ltd-anr-company-appeal-110d92a9

## Summary

### Background

The appeal was filed against an order dated 21.12.2021 passed by the Adjudicating Authority, which admitted an application filed under Section 9 of the Insolvency and Bankruptcy Code, 2016, by the Operational Creditor. The Operational Creditor had given Rs.32,43,000/- as an interest-free deposit towards the advance license fee, which was contemplated to be a security deposit. A cheque was issued by the Operational Creditor, but directions were issued to stop payment. The project did not take off, and an application under Section 9 was filed.

## Facts

Vibrus Homes Pvt. Ltd. filed an appeal against the order dated 21.12.2021 passed by the Adjudicating Authority, which admitted an application filed by Ashimara Housing Pvt. Ltd. & Anr. under Section 9 of the Insolvency and Bankruptcy Code, 2016. Ashimara Housing Pvt. Ltd. & Anr., the Operational Creditor, had given Rs.32,43,000/- as an interest-free deposit towards the advance license fee. The agreement between the parties stipulated that this amount would be retained as a security deposit by the licensor until the end of the license period. The Operational Creditor issued a cheque, but directions were given to stop payment. The project did not take off, leading to the application under Section 9. The appellant contended that the amount was a security deposit

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## Issues and analysis

### Issue 1: Whether the amount of Rs.32,43,000/- paid by the Operational Creditor constitutes an operational …

**Ratio:** An advance license fee

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**Reasoning:** The court reasoned that the payment made was initially towards the advance license fee.

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**Interpretation:** The interpretation of 'operational debt' includes payments made towards advance

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**Application:** In this case, the payment of Rs.32,43,000/- was made towards an advance license

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## Parties

- **Judges:** Ashok Bh…; Alok Sriv…; +1 more
- **Appellants:** Vibrus Homes Pvt.…
- **Respondents:** Ashimara Housing…

## Timeline

- **2021-12-21 — Order by Adjudicating…**: The Adjudicating Authority passed an order admitting the application filed under Section…
- **2022-04-22 — Appeal He…**: The court heard the learned…

## 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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