# In the matter of Karsha Thoughts Technologies Private Limited CP-190-IB-2018

> NCLT judgment dated 2021-02-22. Citation: TCN-2021-NCLT-02975. The case involves an application filed by an operational creditor under Section 9 of the…

- **Court:** NCLT
- **Order date:** 22 Feb 2021
- **Citation:** TCN-2021-NCLT-02975
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/karsha-thoughts-technologies-private-limited-cp-190-ib-2018-5bf3fe74

## Summary

### Background

The case involves an application filed by an operational creditor under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process against the corporate debtor due to an alleged default in payment of operational debt.

## Facts

M/s. Dimension Data India Private Limited, the operational creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against M/s. Karsha Thoughts Technologies Private Limited, the corporate debtor. The application sought to initiate the Corporate Insolvency Resolution Process ( CIRP ) against the corporate debtor, declare a moratorium, and appoint an Interim Resolution Professional. The operational creditor claimed an operational debt of Rs. 21,27,148/-, including interest, and filed the application on February 6, 2018. On August 27, 2018, based on a memo filed by the corporate debtor, the Tribunal passed an order disposing of the petition. The corporate debtor's representative had presented a demand draft for Rs. 3 lakhs and proposed

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## Issues and analysis

### Issue 1: Whether the application filed by the operational creditor under Section 9 of the IBC, 2016, is …

**Ratio:** The application is admissible as the corporate debtor defaulted on payments, and the

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**Reasoning:** The corporate debtor accepted the default and proposed a payment schedule but failed to

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**Interpretation:** The Tribunal interpreted Section 9 of the IBC, 2016, to allow for the admission

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**Application:** The corporate debtor's failure to make payments after the initial settlement,

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## Parties

- **Judges:** R. VARADH…; Anil Ku…
- **Appellants:** Dimension Data…; M/s. Dimension…
- **Respondents:** Karsha Thoughts…; M/s. Karsha…
- **Advocates:** For Operational…

## Timeline

- **February 6, 2018 — Application…**: M/s. Dimension Data India Private Limited filed an application under Section 9 of the…
- **August 27, 2018 — Petition Di…**: The Tribunal disposed of the petition based on a memo filed by the corporate debtor,…

## 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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