# In the matter of Hi Rise Infratech Private Ltd. (IB)-1718-ND-2019

> NCLT judgment dated 2021-01-22. Citation: TCN-2021-NCLT-03247. The case pertains to an application filed under Section 9 of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 22 Jan 2021
- **Citation:** TCN-2021-NCLT-03247
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/hi-rise-infratech-private-ltd-ib-1718-nd-2019-1a92f10d

## Summary

### Background

The case pertains to an application filed under Section 9 of the Insolvency and Bankruptcy Code, 2016, by an Operational Creditor (MRS. NEENA SAKARIYA, PROPERITOR OF MR INDUSTRIAL SERVICES) against a Corporate Debtor (HI RISE INFRATECH PRIVATE LIMITED) to initiate the Corporate Insolvency Resolution Process (CIRP). The Operational Creditor claimed an outstanding amount of Rs. 25,14,415/-, including interest, for the supply of steel pipes, pipe fittings, flanges, stainless steel, etc., to the Corporate Debtor, who is involved in the construction business. The invoices for the supplied goods were dated between 23.10.2017 and 02.12.2017, amounting to Rs. 18,47,491/-. The Operational Creditor also claimed interest at 24% per annum as per the invoice terms. A demand notice

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## Facts

The Operational Creditor, MRS. NEENA SAKARIYA, PROPERITOR OF MR INDUSTRIAL SERVICES, supplied steel pipes, pipe fittings, flanges, stainless steel, etc., to the Corporate Debtor, HI RISE INFRATECH PRIVATE LIMITED, who is involved in the construction business. The invoices for the supplied goods were dated between 23.10.2017 and 02.12.2017, amounting to Rs. 18,47,491/-. The Corporate Debtor received and accepted the pipes without any dispute regarding quantity or quality. The Corporate Debtor failed to make the payment for the invoices. The Operational Creditor claimed an outstanding amount of Rs. 25,14,415/-, including interest at 24% per annum as per the invoice terms. A demand notice dated 07.02.2019 was served on the Corporate Debtor under Section 8 of the Code. The

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## Issues and analysis

### Issue 1: Whether the application filed by the Operational Creditor under Section 9 of the Insolvency and …

**Ratio:** Section 9 of the Insolvency and Bankruptcy Code, 2016, read with Rule 4 of the Insolvency

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**Reasoning:** The court considered the facts and circumstances and the material available on record and

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**Interpretation:** The court interpreted Section 9 of the IBC and Rule 4 of the relevant rules to

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**Application:** The court applied the ratio to the facts of the case and found that the

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## Parties

- **Judges:** Ch. Mohd Sharief…; SUMITAPURKA…
- **Appellants:** NEENA SAK…
- **Respondents:** HI RISE INFRATECH…

## Timeline

- **2017-10-23 — Invoice…**: Invoices issued between 23.10.2017…
- **2017-12-02 — Invoice…**: Invoices issued between 23.10.2017…

## 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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