# In the matter of Apex Dream Homes Pvt. Ltd. Company Petition (IB) No. 2040-ND-2019

> NCLT judgment dated 2021-12-01. Citation: TCN-2021-NCLT-00325. The case pertains to a petition filed by India Bulls Distributions Services Ltd, an operational…

- **Court:** NCLT
- **Order date:** 1 Dec 2021
- **Citation:** TCN-2021-NCLT-00325
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/apex-dream-homes-pvt-ltd-company-petition-ib-no-2040-nd-2019-df5ca932

## Summary

### Background

The case pertains to a petition filed by India Bulls Distributions Services Ltd, an operational creditor, under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016, against Apex Dream Homes Pvt. Ltd, the corporate debtor, for initiation of the Corporate Insolvency Resolution Process (CIRP). The operational creditor claimed that the corporate debtor defaulted on payment of Rs. 72,23,358/- along with interest @18% per annum since 26.03.2018, arising from an agreement where the operational creditor acted as a marketing representative for the corporate debtor's project, 'Apex Athena'. The corporate debtor contended that there was a pre-existing dispute and that the demand notice was not served.

## Facts

India Bulls Distributions Services Ltd (Operational Creditor) and Apex Dream Homes Pvt. Ltd (Corporate Debtor) entered into an agreement dated 20.02.2017, where the Operational Creditor was appointed as a marketing representative for the Corporate Debtor's project 'Apex Athena'. The Operational Creditor sold certain flats/units in the project and raised invoices for Rs. 72,23,358/-. The Corporate Debtor failed to make the payment, leading the Operational Creditor to issue a demand notice under Section 8 of the IBC, 2016. The demand notice was served on the Corporate Debtor's registered office. The Corporate Debtor claimed that there was a pre-existing dispute regarding the terms and conditions of the agreement and that the demand notice was not served. However, the

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## Issues and analysis

### Issue 1: Whether the application filed under Section 9 of the Insolvency and Bankruptcy Code, 2016 is …

**Ratio:** Section 9(5) of the IBC stipulates the conditions for admitting an application for

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**Reasoning:** The NCLT reasoned that the operational creditor's application was complete, there was no

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**Interpretation:** Section 9 of the IBC provides a mechanism for operational creditors to initiate

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**Application:** The NCLT applied the provisions of Section 9(5) to the facts of the case,

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## Parties

- **Judges:** Sh. Abni Ranjan…; SH. L. N.…
- **Appellants:** India Bulls…
- **Respondents:** Apex Dream Homes…
- **Advocates:** Shailender…; Mrinal Harsh…

## Timeline

- **2017-02-20 — Agreement…**: India Bulls Distributions Services Ltd appointed as marketing representative by Apex…
- **2018-03-26 — Debt Due…**: Amount of Rs. 72,23,358/- along with…

## 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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