# In the matter of Metrik Infraprojects Private Limited C.P. (IB) No.60-BB-2020

> NCLT judgment dated 2021-04-16. Citation: TCN-2021-NCLT-02360. M/s Bheemasamudra Land Developers and Builders, an operational creditor, filed a petition under…

- **Court:** NCLT
- **Order date:** 16 Apr 2021
- **Citation:** TCN-2021-NCLT-02360
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/metrik-infraprojects-private-limited-cp-ib-no60-bb-2020-05c402dc

## Summary

### Background

M/s Bheemasamudra Land Developers and Builders, an operational creditor, filed a petition under Section 9 of the IBC, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Metrik Infraprojects Private Limited, the corporate debtor, alleging default. The operational creditor claimed that the corporate debtor owed them Rs. 6 crore based on a Memorandum of Agreement (MoU) dated 08.06.2015, which was entered into in consideration of the development carried out by the operational creditor on the corporate debtor's land. The corporate debtor denied the existence of any debt and claimed that the MoU was concocted and that the amounts had already been paid under a sale deed.

## Facts

M/s Bheemasamudra Land Developers and Builders (Operational Creditor) claimed that Metrik Infraprojects Private Limited (Corporate Debtor) owed them Rs. 6 crore based on a Memorandum of Agreement (MoU) dated 08.06.2015. The MoU was allegedly entered into in consideration of development work carried out by the Operational Creditor on land owned by the Corporate Debtor. The Operational Creditor claimed that the Corporate Debtor admitted liability in the MoU and issued 12 post-dated cheques of Rs. 50 Lakh each, some of which were dishonored. The Corporate Debtor denied the existence of any debt and claimed that the MoU was concocted. They argued that the payments were made under a registered sale deed dated 08.06.2015, and that the Operational Creditor had acknowledged

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## Issues and analysis

### Issue 1: Whether the petition filed by the operational creditor is maintainable under Section 9 of the IBC, …

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

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**Reasoning:** The NCLT considered the requirements of Section 9 of the IBC, 2016, and determined that

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**Interpretation:** Section 9 of the IBC provides a mechanism for operational creditors to recover

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**Application:** In this case, the NCLT found that the operational creditor had provided

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## Parties

- **Judges:** Rajeswara Rao…; Ashutosh C…
- **Appellants:** M/s. Bheemasamudra…
- **Respondents:** Metrik Infraprojec…

## Timeline

- **2015-06-08 — Sale Dee…**: Respondent purchased immovable property…
- **2015-06-08 — Memorandum of Agreement…**: Petitioner and Respondent entered into a Memorandum of Agreement (MoU) whereby 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)

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