# In the matter of Acasia Tele Services Private Limited CP No. 58-IBC-NCLT-MB-MAH-2018

> NCLT judgment dated 2018-03-20. Citation: TCN-2018-NCLT-01675. The case pertains to an application filed under Section 9 of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 20 Mar 2018
- **Citation:** TCN-2018-NCLT-01675
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/acasia-tele-services-private-limited-cp-no-58-ibc-nclt-mb-mah-2018-83388da0

## Summary

### Background

The case pertains to an application filed under Section 9 of the Insolvency and Bankruptcy Code, 2016, by GTL Limited, an Operational Creditor, against Acasia Tele Services Private Limited, the Corporate Debtor, for default in payment of an operational debt. The Operational Creditor claimed a total default amount of Rs. 97,15,41,848. The debt arose from trade receivables from Lenity Trading Private Limited, Lexical Trading Private Limited, and Tele Solutions Private Limited, which had merged with the Debtor. The Operational Creditor and Corporate Debtor had entered into negotiations, and the Operational Creditor had advanced 75-80% of the purchase order amount to enable the Corporate Debtor to start procurement. However, due to certain issues, the Operational Creditor

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## Facts

GTL Limited, the Operational Creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Acasia Tele Services Private Limited, the Corporate Debtor, due to a default of Rs. 97,15,41,848. The debt originated from trade receivables from Lenity Trading Private Limited (Rs. 43,43,42,273), Lexical Trading Private Limited (Rs. 37,51,66,612), and Tele Solutions Private Limited (Rs. 16,20,32,963), all of which had merged with the Corporate Debtor. The High Court approved the merger via Company Scheme Petition No. 463-465 of 2014 dated 07.11.2014. The Operational Creditor had advanced 75-80% of the purchase order value to the Corporate Debtor to facilitate procurement. However, the Operational Creditor later cancelled the purchase orders

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## Issues and analysis

### Issue 1: Whether the debt qualifies as an 'Operational Debt' under Section 5(21) of the Insolvency and …

**Ratio:** The legal principle applied is the definition of 'Operational Debt' under Section 5(21)

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**Reasoning:** The court reasoned that based on the evidence on record, there was a restructuring

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**Interpretation:** The interpretation involves understanding the scope of 'Operational Debt' as

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**Application:** The court applied the definition of 'Operational Debt' to the facts of the

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## Parties

- **Judges:** M.K. Sh…
- **Appellants:** GTL Lim…
- **Respondents:** Acasia Tele…; M/s. Acasia Tele…
- **Advocates:** Ashish K…; Chandra…

## Timeline

- **2012-03-08 — Cancellation of…**: Operational Creditor informed the Debtor that all the Purchase orders were to be…
- **2013-03-25 — Legal Notice…**: Operational Creditor served a Legal Notice on Corporate Debtor for realization of…

## 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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