# In the matter of R.J. Rishikaran Projects Pvt. Ltd. C.P. (IB) No. 275-BB-2018

> NCLT judgment dated 2019-01-08. Citation: TCN-2019-NCLT-05307. M/s. Shakti Developers Pvt. Ltd. (Operational Creditor) filed CP(IB) No. 275/BB/2018 under…

- **Court:** NCLT
- **Order date:** 8 Jan 2019
- **Citation:** TCN-2019-NCLT-05307
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/rj-rishikaran-projects-pvt-ltd-cp-ib-no-275-bb-2018-1a0b7da6

## Summary

### Background

M/s. Shakti Developers Pvt. Ltd. (Operational Creditor) filed CP(IB) No. 275/BB/2018 under Section 9 of the IBC, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. R.J.Rishikaran Projects Pvt. Ltd. (Corporate Debtor) for failing to pay an outstanding amount of Rs. 58,50,220/-. The Operational Creditor claimed that the Corporate Debtor defaulted in repaying amounts due under invoices for works done at RJ Lake Gardenia, RJ Brooke Square, and RJ Manor. The Corporate Debtor disputed the claim, stating that there were serious disputes regarding the transaction and that they had already filed a suit against Ms. Radika Shah for recovery of Rs. 20,72,927/-.

## Facts

M/s. Shakti Developers Pvt. Ltd. (Operational Creditor) filed a petition under Section 9 of the IBC, 2016, against M/s. R.J.Rishikaran Projects Pvt. Ltd. (Corporate Debtor) seeking to initiate CIRP. The Operational Creditor claimed that the Corporate Debtor failed to pay an outstanding amount of Rs. 58,50,220/-. The Operational Creditor is engaged in general contracting services. The Corporate Debtor issued a letter of intent dated 18.03.2015 for civil & Structural works construction. The Operational Creditor issued RA Bill No. 1 dated 03.03.2016 for Rs. 55,47,230/- and RA Bill No. 1 dated 30.04.2016 for Rs. 3,02,990/-. The Corporate Debtor failed to pay the total outstanding amount of Rs. 60,61,856/-, leading to a demand notice dated 05.09.2018. The Corporate

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## Issues and analysis

### Issue 1: Whether there is an …

**Ratio:** The existence of an operational debt exceeding Rs. 1 lakh is a prerequisite for

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**Reasoning:** The court considered the claim of the Operational Creditor and the Corporate Debtor's

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**Interpretation:** Section 9 of the IBC, 2016, requires that the operational debt must exceed Rs.

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**Application:** The court found that the Corporate Debtor had raised a dispute regarding the

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## Parties

- **Judges:** Rajeswara Rao…; Ashok Kumar…
- **Appellants:** M/s. Shakti…
- **Respondents:** M/s. R.J.Rishikara…; M/s RJ Rishikaran…

## Timeline

- **2015-03-18 — Letter of…**: The Respondent issued a letter of intent for…
- **2016-03-03 — RA Bill…**: The Operational Creditor issued RA…

## 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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