# In the matter of Deem Construction Company Pvt. Ltd. CP No. (IB)- 84-9-JPR-2020

> NCLT judgment dated 13 Sept 2022. Citation: TCN-2022-NCLT-01083. The case originated from an application filed by M/s Hellacious Buildcorp Pvt. Ltd. as an…

- **Court:** NCLT
- **Order date:** 13 Sept 2022
- **Citation:** TCN-2022-NCLT-01083
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/deem-construction-company-pvt-ltd-cp-no-ib-84-9-jpr-2020-7bdf448b

## Summary

### Background

The case originated from an application filed by M/s Hellacious Buildcorp Pvt. Ltd. as an Operational Creditor against M/s Deem Construction Company Pvt. Ltd., the Corporate Debtor, under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC). This application sought to initiate the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor due to an alleged default in payment. The matter was brought before the National Company Law Tribunal (NCLT), Jaipur Bench, and was heard through a web-based video conferencing platform.

## Facts

M/s Hellacious Buildcorp Pvt. Ltd., acting as the Operational Creditor, filed an application against M/s Deem Construction Company Pvt. Ltd., the Corporate Debtor. This application was initiated under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to commence the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor. The case was registered as CP No. (IB)- 84/9/JPR/2020 and was listed before the National Company Law Tribunal (NCLT), Jaipur Bench.

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## Issues and analysis

### Issue 1: Whether the Operational Creditor should be granted permission to withdraw its petition filed under…

**Ratio:** When an Operational Creditor and a Corporate Debtor reach an amicable settlement…

**Reasoning:** The court reasoned that since both the Operational Creditor and the Corporate Debtor had…

**Interpretation:** The court interpreted **Section 9 of the IBC** not as a mandatory process that…

**Application:** In this case, the Operational Creditor, M/s Hellacious Buildcorp Pvt. Ltd., and…

## Parties

- **Judges:** Deep Chandr…; Prasanta Kumar…
- **Advocates:** For the Operationa…; Sagrika Joshi,…

## Timeline

- **September 13, 2022 — Order Da…**: The National Company Law Tribunal, Jaipur…

## 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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