# In the matter of Clearplus India Pvt. Ltd. IB-3195-ND-2019

> NCLT judgment dated 2021-09-24. Citation: TCN-2021-NCLT-01012. The case involves an application under Section 9 of the Insolvency and Bankruptcy Code (IBC) by…

- **Court:** NCLT
- **Order date:** 24 Sept 2021
- **Citation:** TCN-2021-NCLT-01012
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/clearplus-india-pvt-ltd-ib-3195-nd-2019-93cd6edc

## Summary

### Background

The case involves an application under Section 9 of the Insolvency and Bankruptcy Code (IBC) by Swastik Pipe Ltd (Applicant/Operational Creditor) against Clearplus India Pvt Ltd (Respondent). The Applicant sought an adjournment, which was rejected. The court examined the maintainability of the application, considering the amount claimed was below the minimum threshold prescribed under Section 4 of the IBC. The Petitioner admitted to receiving Rs. 92,000 from the Corporate Debtor.

## Facts

Swastik Pipe Ltd filed an application under Section 9 of the IBC against Clearplus India Pvt Ltd. The applicant sought an adjournment, which was rejected by the court. The Petitioner admitted to receiving Rs. 92,000 from the Corporate Debtor. The defaulted amount mentioned in part IV of the application is Rs. 97,740 as principal amount and Rs. 40,911 as interest, totalling Rs.1,38,651. The principal amount has already been accepted by the Petitioner/Operational Creditor. The court noted that the interest amount claimed by the applicant is Rs. 40,911, whereas the minimum threshold is Rs. 1,00,000 as per Section 4 of the IBC, 2016.

## Issues and analysis

### Issue 1: Whether the application under Section 9 of the IBC is maintainable when the amount claimed is below …

**Ratio:** An application under Section 9 of the IBC is not maintainable if the outstanding amount

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**Reasoning:** The court reasoned that the minimum threshold for initiating proceedings under the IBC

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**Interpretation:** Section 4 of the IBC sets a minimum threshold for the amount of debt required

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**Application:** In this case, the outstanding amount was below the minimum threshold.

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## Parties

- **Judges:** ABNI RANJAN KUMAR…; K.K. V…
- **Appellants:** Swastik Pi…
- **Respondents:** Clearplus India…

## Timeline

- **2021-02-25 — Previous…**: The Respondent's counsel referred to the order dated 25.02.2021, stating that the…
- **2021-09-24 — Order Del…**: The court delivered the order,…

## 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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