# In the matter of Interspace Solutions Private Limited C.P. (IB) 3451-2018

> NCLT judgment dated 2019-06-24. Citation: TCN-2019-NCLT-02806. Next Step Engineering Private Limited filed a Company Petition under Section 9 of the…

- **Court:** NCLT
- **Order date:** 24 Jun 2019
- **Citation:** TCN-2019-NCLT-02806
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/interspace-solutions-private-limited-cp-ib-3451-2018-79b8a9fc

## Summary

### Background

Next Step Engineering Private Limited filed a Company Petition under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) against Interspace Solutions Private Limited, alleging default in payment. The petition seeks to initiate the Corporate Insolvency Resolution Process (CIRP) against Interspace Solutions Private Limited.

## Facts

Next Step Engineering Private Limited (Petitioner) filed a petition against Interspace Solutions Private Limited (Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code, 2016, alleging a default of Rs. 22,84,814/-. The Petitioner supplied and installed 10 units of Nerolac Counter System Fixtures (NCS) for the Corporate Debtor, raising invoices totaling Rs. 65,66,817/-, including installation service charges of Rs. 1,48,680/-. The Petitioner received an advance payment of Rs. 2,00,000/- on 07.10.2017 and a part-payment of Rs. 9,98,460/- on 05.12.2017. The Corporate Debtor issued three cheques dated 24.11.2017, 27.11.2017, and 29.11.2017, which were returned unpaid with the endorsement 'payment stopped by drawer'. The Petitioner issued a demand notice on

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## Issues and analysis

### Issue 1: Whether the petition filed by the operational creditor is in compliance with the provisions of …

**Ratio:** Section 9 of the Insolvency and Bankruptcy Code, 2016, outlines the requirements for an

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**Reasoning:** The court was satisfied that the petition filed by the operational creditor was in

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**Interpretation:** Section 9 requires the operational creditor to demonstrate that a debt is due

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**Application:** The court applied Section 9 to the facts presented, noting that the petitioner

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## Parties

- **Judges:** Bhaskara Pantula…; V. Nallasen…
- **Appellants:** Next Step…
- **Respondents:** Interspace…
- **Advocates:** Smikha…; Jahaan D…

## Timeline

- **2017-10-07 — Advance P…**: Petitioner received an advance payment of…
- **2017-12-05 — Part Pay…**: Petitioner received a part-payment of Rs.…

## 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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