# In the matter of Kotakurja Private Limited CP(IB) No. 3269-MB-C-IV-2019

> NCLT judgment dated 2019-11-18. Citation: TCN-2019-NCLT-00561. The case pertains to a Company Petition filed under Section 9 of the Insolvency & Bankruptcy…

- **Court:** NCLT
- **Order date:** 18 Nov 2019
- **Citation:** TCN-2019-NCLT-00561
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/kotakurja-private-limited-cpib-no-3269-mb-c-iv-2019-1ea8a5e9

## Summary

### Background

The case pertains to a Company Petition filed under Section 9 of the Insolvency & Bankruptcy Code, 2016 (IBC) by Equilink Capital Management Services Limited, the Operational Creditor, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Kotak Urja Private Limited, the Corporate Debtor. The Operational Creditor claimed that the Corporate Debtor defaulted on a payment of Rs. 7,08,000/- which included tax at 18% per annum as per invoice dated 15.05.2019. The Corporate Debtor admitted the liability and acknowledged the debt in a letter dated 21.06.2019, citing financial difficulties and assuring repayment.

## Facts

Equilink Capital Management Services Limited (Operational Creditor) filed a petition under Section 9 of the Insolvency & Bankruptcy Code, 2016 (IBC) to initiate Corporate Insolvency Resolution Process (CIRP) against Kotak Urja Private Limited (Corporate Debtor). The Operational Creditor claimed that the Corporate Debtor defaulted on a payment of Rs. 7,08,000/- as per invoice dated 15.05.2019. This amount included tax at 18% per annum. The Corporate Debtor entered into a Mandate of Authorisation & Consultancy Service with the Operational Creditor on 30.11.2018. The mandate provided for a one-time advisory fee equivalent to 8% of the total transaction value plus a retainer fee of Rs. 12,00,000/-. The Corporate Debtor acknowledged the liability in a letter dated

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## Issues and analysis

### Issue 1: Whether the petition filed by the Operational Creditor is complete and meets the requirements of …

**Ratio:** Section 9 of the IBC outlines the requirements for an operational creditor to initiate

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**Reasoning:** The Adjudicating Authority determined that the petition was complete in all respects as

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**Interpretation:** Section 9 of the IBC requires the operational creditor to provide evidence of

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**Application:** The Operational Creditor provided sufficient documentation, including invoices,

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## Parties

- **Judges:** Rajasekha…; RavikumarDu…
- **Appellants:** Equilink Capital…
- **Respondents:** Kotak Urja…; Neha M.…

## Timeline

- **2018-11-30 — Mandate of Auth…**: Corporate Debtor entered into a Mandate of Authorisation & Consultancy Service with the…
- **2019-05-15 — Invoice…**: Invoice bearing No.2019/16/19…

## 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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