# In the matter of International Land Developers Pvt. Ltd. (IB)-538(ND)-2017

> NCLT judgment dated 2018-03-20. Citation: TCN-2018-NCLT-01669. Sh. Gautam Jain, an operational creditor, filed a petition under Section 9 of the Insolvency…

- **Court:** NCLT
- **Order date:** 20 Mar 2018
- **Citation:** TCN-2018-NCLT-01669
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/international-land-developers-pvt-ltd-ib-538nd-2017-9097f6c5

## Summary

### Background

Sh. Gautam Jain, an operational creditor, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) against International Land Developers Pvt. Ltd., the corporate debtor, seeking initiation of the Corporate Insolvency Resolution Process (CIRP) due to outstanding debt. Gautam Jain was employed by the corporate debtor as its CFO. After resigning, a full and final settlement was allegedly prepared by the corporate debtor acknowledging a liability of Rs. 10,59,900/-. A partial payment of Rs. 4 lakhs was made, but the remaining balance was not liquidated. The operational creditor issued a demand notice for the outstanding amount.

## Facts

Sh. Gautam Jain, formerly CFO of International Land Developers Pvt. Ltd., claimed outstanding dues of Rs. 6,59,900/- plus interest after a partial payment of Rs. 4 lakhs against a total acknowledged liability of Rs. 10,59,900/- in a full and final settlement prepared by the corporate debtor on 2017-01-25. Jain resigned on 2016-12-05 and served until 2017-01-04. The corporate debtor argued that Jain received excess payments, disputed the debt, and alleged non-compliance with IBC regulations. Jain sent multiple email reminders regarding the outstanding dues, to which the corporate debtor initially did not raise any dispute. The corporate debtor's accounts section prepared the final statement of claim, which was counter-signed by multiple officials. The corporate debtor

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## Issues and analysis

### Issue 1: Whether the petition filed by the operational …

**Ratio:** Section 9 of the IBC allows an operational creditor to initiate CIRP against a corporate

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**Reasoning:** The court found that the operational creditor had provided sufficient evidence to

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**Interpretation:** Section 9 of the IBC provides a mechanism for operational creditors to recover

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**Application:** The court applied the provisions of Section 9 of the IBC to the facts of the

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## Parties

- **Judges:** Ina Mal…; DeepaKr…
- **Appellants:** Sh. Gauta…
- **Respondents:** International…
- **Advocates:** Mancesh G…; Virender G…; +2 more

## Timeline

- **2015-01-20 — Appointment of…**: The Operational Creditor, Gautam Jain, was…
- **2016-12-05 — Resignation of…**: The Operational Creditor…

## 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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