# In the matter of Infragreen Airconditioning Private Limited C.P.(IB) No. 92-BB-2020

> NCLT judgment dated 2021-06-01. Citation: TCN-2021-NCLT-02056. Rolastar Private Limited filed a petition under Section 9 of the IBC, 2016, seeking to initiate…

- **Court:** NCLT
- **Order date:** 1 Jun 2021
- **Citation:** TCN-2021-NCLT-02056
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/infragreen-airconditioning-private-limited-cpib-no-92-bb-2020-361ef2a7

## Summary

### Background

Rolastar Private Limited filed a petition under Section 9 of the IBC, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Infragreen Airconditioning Private Limited, alleging default on a principal outstanding amount. Rolastar claimed a total amount of Rs. 7,49,080/- which includes principal amount of Rs. 5,61,672/- and interest of Rs. 1,87,408/-. The operational debt arose from the supply of ducting materials by Rolastar to Infragreen based on purchase orders issued between February and September 2017. A demand notice was served on Infragreen on February 7, 2019, but Infragreen neither responded nor made any payment.

## Facts

Rolastar Private Limited (Operational Creditor) filed a petition against Infragreen Airconditioning Private Limited (Corporate Debtor) under Section 9 of the IBC, 2016, seeking to initiate CIRP. The claim was based on an alleged default of Rs. 7,49,080/-, comprising a principal amount of Rs. 5,61,672/- and interest of Rs. 1,87,408/-, arising from the supply of ducting materials. Purchase orders were issued by Infragreen to Rolastar between February and September 2017. Rolastar raised 13 invoices totaling Rs. 9,92,307/-, with Rs. 5,61,672/- due as of February 7, 2019. A demand notice was served on Infragreen on February 7, 2019, and received on February 13, 2019, but Infragreen did not respond or make any payment. As of March 31, 2019, Infragreen had reserves and

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor, Infragreen Airconditioning Private Limited, is an insolvent company …

**Ratio:** The IBC, 2016 is intended for the resolution of insolvency of companies that are

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**Reasoning:** The NCLT observed that Infragreen had a positive net worth, substantial trade

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**Interpretation:** The court interpreted the provisions of the IBC, 2016, in light of its

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**Application:** Based on the financial records of Infragreen, the NCLT concluded that the

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## Parties

- **Judges:** Rajeswara Rao…; Ashutosh C…
- **Appellants:** Rolastar Private…
- **Respondents:** Infragreen…

## Timeline

- **2017-02-13 — Purchase Orde…**: Infragreen Airconditioning Private Limited issued purchase orders to Rolastar Private…
- **2017-02-13 — Business Relationship…**: Business relationship commenced between Rolastar Private Limited and Infragreen…

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