# In the matter of Kumar Ashiyana Private Limited CP No. (IB)-118-ALD-2017

> NCLT judgment dated 2018-02-28. Citation: TCN-2018-NCLT-01765. M/S Dasaprakash Hotels and Resorts Pvt. Ltd., claiming to be an operational creditor, filed an…

- **Court:** NCLT
- **Order date:** 28 Feb 2018
- **Citation:** TCN-2018-NCLT-01765
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/kumar-ashiyana-private-limited-cp-no-ib-118-ald-2017-c55fdd36

## Summary

### Background

M/S Dasaprakash Hotels and Resorts Pvt. Ltd., claiming to be an operational creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against M/S Kumar Ashiyana Private Limited, the corporate debtor. The operational creditor claimed a debt of Rs. 40,25,000 along with interest, which fell due on 19.07.2014. The corporate debtor had taken a loan of Rs. 54,00,000 from the operational creditor under an agreement dated 04.09.2007, and further loans of Rs. 4,00,000 were advanced. A statutory notice was served on 06.11.2012, and a winding-up petition was filed in December 2012 before the Allahabad High Court. A compromise agreement was executed on 19.07.2014, but the corporate debtor failed to honor it. A demand notice was sent on 25.05.2017,

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## Facts

M/S Dasaprakash Hotels and Resorts Pvt. Ltd. (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against M/S Kumar Ashiyana Private Limited (Corporate Debtor). The Operational Creditor claimed that the Corporate Debtor owed them Rs. 40,25,000/- along with interest, which fell due on 19.07.2014. The debt originated from a loan of Rs. 54,00,000/- advanced by the Operational Creditor to the Corporate Debtor on 04.09.2007, with additional loans totaling Rs. 4,00,000/-. The Corporate Debtor made a partial payment of Rs. 2,10,500/- in 2011-12, leaving Rs. 55,89,500/- outstanding. A statutory notice was served on 06.11.2012. In December 2012, the Operational Creditor filed a winding-up petition before the Allahabad High

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## Issues and analysis

### Issue 1: Whether the present applicant is coming under the …

**Ratio:** An operational creditor is defined under Section 5(20) of the Insolvency and Bankruptcy

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**Reasoning:** The court reasoned that the debt in question arose from a loan agreement between the

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**Interpretation:** The court interpreted the definition of 'operational creditor' and 'operational

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**Application:** The court applied the definition of 'operational creditor' and 'operational

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## Parties

- **Judges:** V. P. S…
- **Appellants:** M/S DASAPRAKASH…
- **Respondents:** M/S Kumar…
- **Advocates:** Nishant M…; Tanmay…; +2 more

## Timeline

- **2007-09-04 — Loan Agre…**: Operational Creditor advanced a loan of Rs.…
- **2011-01-01 — Partial P…**: Corporate Debtor adjusted 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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