# In the matter of Ram Agri-Infra India Pvt. Ltd. C.P. No. C.P. (IB)-1798-MB-2017

> NCLT judgment dated 2018-12-28. Citation: TCN-2018-NCLT-00011. The case involves an application filed under Section 9 of the Insolvency & Bankruptcy Code,…

- **Court:** NCLT
- **Order date:** 28 Dec 2018
- **Citation:** TCN-2018-NCLT-00011
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/ram-agri-infra-india-pvt-ltd-cp-no-cp-ib-1798-mb-2017-683d78a1

## Summary

### Background

The case involves an application filed under Section 9 of the Insolvency & Bankruptcy Code, 2016 by operational creditors, Mrs. Rukmini P. Nair and Mrs. Veena S. Menon, against Ram Agri Infra India Pvt. Ltd., the corporate debtor. The operational creditors had entered into agreements with the corporate debtor for the purchase of plots in a housing project. The agreements stipulated that if possession or necessary permissions were delayed beyond 36 months, the acquirers could withdraw and receive a refund with 9% interest. The operational creditors claimed they paid the full amount but faced non-performance by the corporate debtor, leading them to seek cancellation and refund. Despite assurances and issuance of cheques, the payments were not fully made, prompting

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## Facts

Mrs. Rukmini P. Nair and Mrs. Veena S. Menon, the operational creditors, entered into agreements with Ram Agri Infra India Pvt. Ltd., the corporate debtor, for purchasing plots in a housing project named Dreamsity. The agreements, dated July 28, 2012, and August 10, 2012, respectively, stipulated that if possession or necessary permissions were delayed beyond 36 months, the acquirers could withdraw and receive a refund with 9% interest. The operational creditors paid ₹4,12,500 each to the corporate debtor, who issued reservation letters dated June 11, 2012. Due to non-performance, the creditors issued a joint letter on March 4, 2016, for cancellation. The corporate debtor assured repayment by December 9, 2016, for ₹8,25,000 against bookings of plots D/62/12 and D/62/11

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## Issues and analysis

### Issue 1: Whether the default as defined under Section 3(12) of the Insolvency & Bankruptcy Code, 2016 …

**Ratio:** Section 3(12) of the Insolvency & Bankruptcy Code, 2016 defines 'default' as

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**Reasoning:** The court considered the totality of the facts and circumstances and found that the

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**Interpretation:** The interpretation of Section 3(12) requires establishing that a debt is due

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**Application:** The court applied Section 3(12) to the facts by noting that the operational

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## Parties

- **Judges:** M.K. Sh…
- **Appellants:** Shrishankar…
- **Respondents:** Ram Agri Infra…

## Timeline

- **2012-07-28 — Agreement…**: Rukmini P. Nair entered into an agreement with Ram Agri Infra India Pvt. Ltd. for the…
- **2012-08-10 — Agreement…**: Veena S. Menon entered into an agreement with Ram Agri Infra India Pvt. Ltd. for the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 3(12) — Definitions](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-3)

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