# In the matter of Innovative Buildstates Pvt. Ltd. CP (IB) No. 29-Chd-Hry-2017_2017-08-29 16_56

> NCLT judgment dated 2017-08-24. Citation: TCN-2017-NCLT-00529. The case involves an application filed by C.P AND ASSOCIATES PRIVATE LTD., an operational…

- **Court:** NCLT
- **Order date:** 24 Aug 2017
- **Citation:** TCN-2017-NCLT-00529
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/innovative-buildstates-pvt-ltd-cp-ib-no-29-chd-hry-2017_2017-08-29-16_56-5163e617

## Summary

### Background

The case involves an application filed by C.P AND ASSOCIATES PRIVATE LTD., an operational creditor, against INNOVATIVE BUILDESTATES PVT. LTD., the corporate debtor, under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP). The operational creditor claimed outstanding dues of ₹1,50,47,525/- from the corporate debtor. The application was filed after serving a demand notice on the corporate debtor. The corporate debtor was incorporated on 26.09.2011 with an authorized capital of ₹5.00 crores and paid-up capital of ₹3.61 crores. The petitioner company incorporated under Companies Act, 1956.

## Facts

C.P AND ASSOCIATES PRIVATE LTD. (Operational Creditor) filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016 against INNOVATIVE BUILDESTATES PVT. LTD. (Corporate Debtor) for outstanding dues of ₹1,50,47,525/-. The Corporate Debtor had granted work to the petitioner for Front Façade and other Finishing Works for their 'Jalsa Mall' at Jaipur. The work order dated 29.10.2012 was signed by both parties, with a total value of ₹3.84 crores. The Operational Creditor served a demand notice on 06.05.2017. The Corporate Debtor neither paid the outstanding amount nor disputed the demand. The Operational Creditor proposed Mr. Jitendra Bakshi as the Interim Resolution Professional. The court noted defects in the initial filing, including issues with affidavit

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## Issues and analysis

### Issue 1: Whether the application filed by the operational creditor is complete and meets the requirements of …

**Ratio:** Section 9(5) of the IBC states that the Adjudicating Authority shall admit the

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**Reasoning:** The court examined the application and the compliances made by the petitioner. It noted

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**Interpretation:** Section 9 of the IBC outlines the procedure and requirements for an operational

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**Application:** The court found that the petitioner had complied with all the requirements of

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## Parties

- **Judges:** R.P.Nag…
- **Appellants:** C.P AND ASSOCIATES…
- **Respondents:** INNOVATIVE…

## Timeline

- **2012-10-29 — Work Orde…**: The respondent granted work to the petitioner for Front Façade and other Finishing Works…
- **2014-07-01 — RTGS Tra…**: The respondent sent an amount of ₹5.00 lakhs on 01.07.2014 by RTGS transfer from ICICI…

## 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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