# In the matter of Real Value Promoters Private Limited CP-884-IB-2018

> NCLT judgment dated 2019-07-30. Citation: TCN-2019-NCLT-02205. The case involves a Company Petition filed under Section 9 of the Insolvency & Bankruptcy Code,…

- **Court:** NCLT
- **Order date:** 30 Jul 2019
- **Citation:** TCN-2019-NCLT-02205
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/real-value-promoters-private-limited-cp-884-ib-2018-040dc866

## Summary

### Background

The case involves a Company Petition filed under Section 9 of the Insolvency & Bankruptcy Code, 2016, by an Operational Creditor, M/s. Nuvoco Vistas Corporation Limited, against the Corporate Debtor, M/s. Real Value Promoters Private Limited, for initiation of the Corporate Insolvency Resolution Process (CIRP). The Operational Creditor claimed that the Corporate Debtor failed to pay ₹27,55,138 as of 20.06.2018, which included principal and interest. The Corporate Debtor, engaged in real estate business, had raised purchase orders for the supply of Ready Mix Cement from the Operational Creditor. The Operational Creditor supplied the cement and raised invoices amounting to ₹18,74,109 with an interest clause of 24% per annum. The Operational Creditor issued a Section

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## Facts

M/s. Nuvoco Vistas Corporation Limited (Operational Creditor) filed a Company Petition against M/s. Real Value Promoters Private Limited (Corporate Debtor) under Section 9 of the Insolvency & Bankruptcy Code, 2016. The claim was for ₹27,55,138 as of 20.06.2018, representing principal and interest. The Corporate Debtor, a real estate developer, had issued purchase orders to the Operational Creditor for the supply of Ready Mix Cement. The Operational Creditor supplied the cement and raised invoices totaling ₹18,74,109, which included an interest clause of 24% per annum. The invoices were issued on various dates in May and June 2016. The Operational Creditor issued a Section 8 Notice on 13.09.2017, demanding payment within ten days. The Corporate Debtor failed to

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## Issues and analysis

### Issue 1: Whether the Operational Creditor has proved the existence of debt and default on the part of the …

**Ratio:** The legal principle applied is that under Section 9 of the Insolvency & Bankruptcy

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**Reasoning:** The court reasoned that the Operational Creditor had provided sufficient evidence in the

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**Interpretation:** The interpretation of Section 9 of the IBC is that it provides a mechanism for

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**Application:** In this case, the court applied the ratio and reasoning to the specific facts

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## Parties

- **Judges:** B.S.V. Prakash…; S. VIJAYARA…
- **Appellants:** M/s. Nuvoco…
- **Respondents:** M/s. Real Value…
- **Advocates:** A Kevin T…; G. Ba…; +1 more

## Timeline

- **2016-04-23 — Purchase…**: Corporate Debtor raised Purchase…
- **2016-05-10 — Purchase…**: Corporate Debtor raised Purchase…

## 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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