# In the matter of Grip Infrastructure (P) Ltd. IB-585-ND-2018 (CA-32-C-III-ND-2019)

> NCLT judgment dated 2019-02-20. Citation: TCN-2019-NCLT-04765. The case involves a petition filed by Ashtech. Buildpro (P) Ltd, the Operational Creditor,…

- **Court:** NCLT
- **Order date:** 20 Feb 2019
- **Citation:** TCN-2019-NCLT-04765
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/grip-infrastructure-p-ltd-ib-585-nd-2018-ca-32-c-iii-nd-2019-3ff79fac

## Summary

### Background

The case involves a petition filed by Ashtech. Buildpro (P) Ltd, the Operational Creditor, against Grip Infrastructure (P) Ltd, the Corporate Debtor, under Section 9 of the IBC, 2016. The petition was admitted on 03.12.2018, initiating the Corporate Insolvency Resolution Process (CIRP). However, the Operational Creditor failed to file its claim, and the Interim Resolution Professional (IRP) reported that the directors of the Corporate Debtor were untraceable. The Operational Creditor then sought to withdraw the petition after its admission.

## Facts

Ashtech. Buildpro (P) Ltd, an Operational Creditor, filed a petition against Grip Infrastructure (P) Ltd, a Corporate Debtor, under Section 9 of the IBC, 2016, claiming Rs.12,23,911/-. The petition was admitted on 03.12.2018, initiating CIRP, with Mr. Alok Kumar Agarwal appointed as IRP. The IRP's counsel stated that a public announcement was made on 10.1.2019, but no claim was received. The Operational Creditor did not file its claim, and the IRP reported that the Corporate Debtor's directors were untraceable. The Operational Creditor then sought to withdraw the petition. The IRP's fees amounted to Rs.1,55,773/-, and he was legitimately entitled to Rs.1,45,000/-. The Tribunal noted the Operational Creditor's failure to participate earnestly in the CIRP and to inform

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## Issues and analysis

### Issue 1: Whether the Operational Creditor's conduct in failing to file a claim and participate in the CIRP …

**Ratio:** The initiation of insolvency proceedings with malicious intent or for purposes other than

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**Reasoning:** The Tribunal found the Operational Creditor's conduct to be potentially wilful, prima

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**Interpretation:** Section 65(1) of the IBC aims to deter the misuse of insolvency proceedings by

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**Application:** The Tribunal directed the Operational Creditor to show cause as to why a

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## Parties

- **Judges:** Sh.R. Varad…
- **Appellants:** Ashtech. Buildpro…
- **Respondents:** Grip Infrastructur…

## Timeline

- **2018-12-03 — Petition Ad…**: The petition filed by Ashtech. Buildpro (P) Ltd was admitted, initiating the Corporate…
- **2019-01-10 — Public Annou…**: A public announcement was made as…

## 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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