# In the matter of Marsons Limited C.P. (IB) No.628-KB-2018

> NCLT judgment dated 2018-06-20. Citation: TCN-2018-NCLT-01244. The case pertains to an application filed under Section 9 of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 20 Jun 2018
- **Citation:** TCN-2018-NCLT-01244
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/marsons-limited-cp-ib-no628-kb-2018-0d4ded55

## Summary

### Background

The case pertains to an application filed under Section 9 of the Insolvency and Bankruptcy Code, 2016, by Ritesh More (Operational Creditor) against Marsons Limited (Corporate Debtor) for initiating the Corporate Insolvency Resolution Process (CIRP). The Operational Creditor claimed that the Corporate Debtor defaulted in paying professional fees amounting to Rs. 9,00,000/-. The default occurred on 03/01/2018.

## Facts

Ritesh More, the Operational Creditor, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Marsons Limited, the Corporate Debtor, due to a default in payment of professional fees amounting to Rs. 9,00,000/-. The default occurred on January 3, 2018. The Operational Creditor issued a notice under Section 8 of the IBC on March 15, 2018, which was received by the Corporate Debtor. In a reply dated March 23, 2018, the Corporate Debtor admitted the debt but claimed inability to pay. The Operational Creditor submitted an affidavit stating that there was no prior dispute regarding the debt. The Operational Creditor also provided a bank statement showing no payment received from the Corporate Debtor. The Corporate Debtor's registered office is

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## Issues and analysis

### Issue 1: Whether the Operational Creditor complied with the requirements of Section 8 and 9 of the …

**Ratio:** Section 8 and 9 of the Insolvency and Bankruptcy Code, 2016, outline the procedure for an

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**Reasoning:** The court found that the Operational Creditor served a notice under Section 8, which was

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**Interpretation:** Section 8 and 9 are interpreted to ensure that operational creditors have a

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**Application:** In this case, the Operational Creditor served the demand notice, the Corporate

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## Parties

- **Judges:** Jinan…; Madan B.…
- **Appellants:** Ritesh…
- **Respondents:** Marsons L…

## Timeline

- **2018-01-03 — Default…**: The Corporate Debtor defaulted in paying professional fees of Rs. 9,00,000/- to the…
- **2018-03-15 — Section 8…**: The Operational Creditor sent a notice under Section 8 of the Insolvency and Bankruptcy…

## 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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