# In the matter of Neptune Ventures and Developers Private Limited CP No. 1640-IBC-NCLT-MB-MAH-2017

> NCLT judgment dated 2018-05-24. Citation: TCN-2018-NCLT-01370. The case involves an application filed by Mr. Viral Rajarshi Mehta, an Operational Creditor,…

- **Court:** NCLT
- **Order date:** 24 May 2018
- **Citation:** TCN-2018-NCLT-01370
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/neptune-ventures-and-developers-private-limited-cp-no-1640-ibc-nclt-mb-mah-2017-a57897f3

## Summary

### Background

The case involves an application filed by Mr. Viral Rajarshi Mehta, an Operational Creditor, against M/s. Neptune Ventures and Developers Private Limited, the Corporate Debtor, under Section 9 of the Insolvency and Bankruptcy Code, 2016, r.w. Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016. The Operational Creditor claimed a default amount of ₹1,16,41,500/- for professional services rendered to the Corporate Debtor. The Corporate Debtor argued that the amount was in dispute as the agreement was contingent upon the successful completion of a project with Tata Housing Development Corporation Limited (THDCL), which did not materialize.

## Facts

Mr. Viral Rajarshi Mehta, an Operational Creditor, provided development consultancy and investment advisory services to M/s. Neptune Ventures and Developers Private Limited, the Corporate Debtor. The Corporate Debtor sought the Operational Creditor's services to facilitate a partnership with Tata Housing Development Corporation Limited (THDCL) for a project. The Operational Creditor performed various duties, including generating interest from THDCL, negotiating terms, ensuring closure of term sheets, and creating business plans. The Operational Creditor raised three invoices for his services, but the Corporate Debtor failed to make any payments. The Operational Creditor issued a demand notice under Section 8 of the Insolvency and Bankruptcy Code, 2016, after which he

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## Issues and analysis

### Issue 1: Whether the Operational Creditor is entitled to initiate Corporate Insolvency Resolution Process …

**Ratio:** Section 9 of the Insolvency and Bankruptcy Code, 2016, allows an operational creditor to

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**Reasoning:** The court reasoned that the Operational Creditor had provided professional services to

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**Interpretation:** Section 9 provides the mechanism for operational creditors to recover their

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**Application:** The court applied Section 9 to the facts, finding that the Operational Creditor

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## Parties

- **Judges:** M.K. Sh…
- **Appellants:** Viral Rajarshi…
- **Respondents:** M/s. Neptune…

## Timeline

- **2015-04-01 — Debtor seeks Development…**: The Debtor was in need of a Development Partner for its business and approached the…
- **2015-04-14 — Meeting wit…**: The Operational Creditor received a positive response from the leadership team of THDCL…

## 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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