# In the matter of Krishna Enterprises (Housing and Infrastructure) India Pvt. Ltd.  C.P. (IB) No. 252-BB-2019

> NCLT judgment dated 2019-07-22. Citation: TCN-2019-NCLT-02375. The case involves C.P. (IB) No.252/BB/2019 filed by M/s. ACC Limited, the Operational Creditor,…

- **Court:** NCLT
- **Order date:** 22 Jul 2019
- **Citation:** TCN-2019-NCLT-02375
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/krishna-enterprises-housing-and-infrastructure-india-pvt-ltd-cp-ib-no-252-bb-201-615782fd

## Summary

### Background

The case involves C.P. (IB) No.252/BB/2019 filed by M/s. ACC Limited, the Operational Creditor, under Section 9 of the IBC, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Krishna Enterprises (Housing and Infrastructures) India Private Limited, the Corporate Debtor, on the ground of default. The Corporate Debtor allegedly defaulted on a total outstanding amount of Rs.2,40,000/- plus 12% interest from 24.12.2016.

## Facts

M/s. ACC Limited, an operational creditor, filed C.P. (IB) No.252/BB/2019 under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Krishna Enterprises (Housing and Infrastructures) India Private Limited, the corporate debtor. The basis for the petition was the corporate debtor's alleged default on an outstanding amount of Rs. 2,40,000 plus 12% interest from December 24, 2016. The petition was filed on May 23, 2019. The registry raised certain office objections on May 29, 2019, which were communicated to the petitioner's counsel. The petitioner failed to comply with the office objections within the stipulated time. The case was listed on July 1, 2019, and July 17, 2019, for

…

## Issues and analysis

### Issue 1: Whether the petition filed by M/s. ACC Limited should be admitted for initiating Corporate …

**Ratio:** The ratio is that a petition for initiating CIRP can be dismissed if the petitioner fails

…

**Reasoning:** The court reasoned that the petitioner failed to comply with the office objections raised

…

**Interpretation:** The interpretation is that the petitioner has a responsibility to diligently

…

**Application:** In this case, the petitioner's failure to comply with office objections and

…

## Parties

- **Judges:** Rajeswara Rao…; Ashok Kumar…
- **Appellants:** M/s. ACC L…
- **Respondents:** M/s. Krishna…

## Timeline

- **2016-12-24 — Default…**: The Corporate Debtor allegedly defaulted on the outstanding amount plus interest from…
- **2019-05-23 — Petition…**: M/s. ACC Limited filed 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)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-chandigarh/krishna-enterprises-housing-and-infrastructure-india-pvt-ltd-cp-ib-no-252-bb-201-615782fd