# In the matter of Integrated Caps Pvt. Ltd. (IB)-74(ND)-2018

> NCLT judgment dated 2018-03-06. Citation: TCN-2018-NCLT-01748. Bal Pratap Srikent, an Operational Creditor, filed a petition under Section 9 of the Insolvency…

- **Court:** NCLT
- **Order date:** 6 Mar 2018
- **Citation:** TCN-2018-NCLT-01748
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/integrated-caps-pvt-ltd-ib-74nd-2018-94fa58cb

## Summary

### Background

Bal Pratap Srikent, an Operational Creditor, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against Integrated Caps Pvt. Ltd., the Corporate Debtor, due to unpaid debt. The Operational Creditor was employed as Vice President and his salary was revised to Rs. 1,12,000/- per month. He received his salary until June 2017, after which no salary was paid, leading to his resignation in December 2017. The accumulated unpaid salary amounted to Rs. 6,14,194/-, with TDS of Rs. 1,14,000/- deducted but not deposited with the Income Tax Department. The total claim was Rs. 7,28,244/-.

## Facts

Bal Pratap Srikent, the Operational Creditor, was employed by Integrated Caps Pvt. Ltd., the Corporate Debtor, as its Vice President, effective from March 17, 2016. His salary was Rs. 1,12,000/- per month. He received his salary until June 2017, after which no salary was paid. He resigned at the end of December 2017 due to non-payment of salary. His accumulated unpaid salary was Rs. 6,14,194/-, with TDS of Rs. 1,14,000/- deducted but not deposited. He served a notice of demand under Section 8 of the Insolvency and Bankruptcy Code on January 1, 2018. The Corporate Debtor admitted to the debt but claimed inability to pay due to financial difficulties. The Operational Creditor filed a petition under Section 9 of the IBC seeking initiation of CIRP. The Corporate Debtor's

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## Issues and analysis

### Issue 1: Whether the Operational Creditor is entitled to the prayer made in the petition for initiating …

**Ratio:** The legal principle applied is that if the Corporate Debtor admits to the debt and is

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**Reasoning:** The court reasoned that the Corporate Debtor admitted to the outstanding debt and their

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**Interpretation:** The interpretation of the law is that if the debt is not denied and the

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**Application:** The Corporate Debtor admitted to the debt owed to the Operational Creditor and

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## Parties

- **Judges:** Ina Mal…; DeepaKr…
- **Appellants:** BAL PRATAP…
- **Respondents:** INTEGRATED CAPS…

## Timeline

- **2016-03-17 — Operational Creditor's…**: Operational Creditor joined the…
- **2017-06-01 — Salary Paymen…**: Salary payment to the…

## 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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