# In the matter of Plus Corporate Ventures Private Limited Company Petition No. IB-694-ND-2020

> NCLT judgment dated 2021-10-04. Citation: TCN-2021-NCLT-00872. The case involves an application filed under Section 9 of the Insolvency and Bankruptcy Code,…

- **Court:** NCLT
- **Order date:** 4 Oct 2021
- **Citation:** TCN-2021-NCLT-00872
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/plus-corporate-ventures-private-limited-company-petition-no-ib-694-nd-2020-07ad23aa

## Summary

### Background

The case involves an application filed under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) by M/S Finex Consultancy Services (the Applicant), an operational creditor, against M/S Plus Corporate Ventures Private Limited (the Corporate Debtor) to initiate the Corporate Insolvency Resolution Process (CIRP). The Applicant provided consultancy services to the Corporate Debtor, and an agreement was executed on 17.12.2018. The Corporate Debtor allegedly defaulted on payments for these services, leading to the application.

## Facts

M/S Finex Consultancy Services, the Applicant, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against M/S Plus Corporate Ventures Private Limited, the Corporate Debtor, seeking to initiate the Corporate Insolvency Resolution Process (CIRP). The Applicant and the Corporate Debtor entered into an agreement on 17.12.2018, where the Applicant was to provide consultancy services for a professional fee of Rs. 6,00,000/- per year, payable in quarterly installments. The agreement was effective from 01.01.2019. The Applicant raised a quarterly invoice on 07.01.2019 for Rs. 1,50,000/- for the period from January, 2019 to March, 2019. The Corporate Debtor sent a letter dated 30.03.2019 suspending the consultancy services. The Applicant claims

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## Issues and analysis

### Issue 1: Whether the application under Section 9 of the Insolvency and Bankruptcy Code, 2016 is complete and …

**Ratio:** Section 9(5) of the IBC states that the Adjudicating Authority shall, within fourteen

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**Reasoning:** The court found that the application was complete, the Applicant was entitled to claim

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

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**Application:** The court applied Section 9(5) and determined that the application was complete

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## Parties

- **Judges:** DEEPTI M…; SUMITAPURKA…
- **Appellants:** M/s Finex…
- **Respondents:** M/S PLUS CORPORATE…
- **Advocates:** Mr Vriti…

## Timeline

- **2018-12-17 — Agreement Ex…**: Agreement executed between the Applicant and the Corporate Debtor for consultancy…
- **2019-01-01 — Agreement Effec…**: Agreement between the Applicant and 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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