# In the matter of Mark Infrastructure Private Limited CP (IB) No. 463-9-HDB-2018

> NCLT judgment dated 2019-11-28. Citation: TCN-2019-NCLT-00404. The petition was filed by Messrs Sri Padmavathi Steel Traders, the Operational Creditor,…

- **Court:** NCLT
- **Order date:** 28 Nov 2019
- **Citation:** TCN-2019-NCLT-00404
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/mark-infrastructure-private-limited-cp-ib-no-463-9-hdb-2018-bf8b8375

## Summary

### Background

The petition was filed by Messrs Sri Padmavathi Steel Traders, the Operational Creditor, stating that a principal amount of Rs. 86,50,758/- plus interest of Rs. 20,47,346/-, totaling Rs. 1,06,98,104/-, was due and payable by the Corporate Debtor, Messrs Mark Infrastructure Private Limited. The petition was filed under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking admission of the petition, initiation of the Corporate Insolvency Resolution Process (CIRP), granting a moratorium, and appointing an Interim Resolution Professional (IRP). The petitioner claimed to have supplied goods to the corporate debtor, with a credit period of 30 days, extended to 90 days due to long-standing relations. The corporate debtor disputed the claim, alleging fraudulent

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## Facts

Messrs Padmavathi Steel Traders, the Operational Creditor, filed a petition against Messrs Mark Infrastructure Private Limited, the Corporate Debtor, under Section 9 of the Insolvency and Bankruptcy Code, 2016. The Operational Creditor claimed that the Corporate Debtor owed Rs. 1,06,98,104/-, including principal and interest, for the supply of TMT Steel Bars and other materials during 2015-2017. The Corporate Debtor disputed the claim, alleging fraudulent documents and the dual capacity of Shri Velineni Uma Maheswara Rao, who was a partner in the Operational Creditor and a director in the Corporate Debtor. The Corporate Debtor also claimed that the invoices were raised for materials never supplied and that Shri Velineni Uma Maheswara Rao had misappropriated funds. The

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## Issues and analysis

### Issue 1: Whether the petition filed by the Operational Creditor under Section 9 of the Insolvency and …

**Ratio:** Section 9 of the IBC, 2016 allows an operational creditor to initiate CIRP against a

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**Reasoning:** The court considered the evidence presented by both parties to determine if a debt was

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**Interpretation:** Section 9 provides a mechanism for operational creditors to recover debts from

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**Application:** The court found that the Operational Creditor had provided sufficient evidence

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## Parties

- **Judges:** Ratakonda…; Narender Kumar…
- **Appellants:** Messrs Padmavathi…
- **Respondents:** Messrs Mark…
- **Advocates:** Sharad S…; A.Venka…

## Timeline

- **2018-05-08 — Form-3 S…**: The petitioner-company served…
- **2018-05-14 — Reply to…**: The respondent- corporate…

## 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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