# In the matter of Shivam Condev Private Limited CP (IB) No. 01-CTB-2020

> NCLT judgment dated 2021-10-08. Citation: TCN-2021-NCLT-00765. The case involves an application under Section 9 of the Insolvency and Bankruptcy Code, 2016,…

- **Court:** NCLT
- **Order date:** 8 Oct 2021
- **Citation:** TCN-2021-NCLT-00765
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/shivam-condev-private-limited-cp-ib-no-01-ctb-2020-8ac53c6b

## Summary

### Background

The case involves an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, by Dharani Geotech Engineers, the operational creditor, against Shivam Condev Private Limited, the corporate debtor, for initiation of the Corporate Insolvency Resolution Process (CIRP). The operational creditor claims an outstanding debt of ₹1,42,19,252/- based on unpaid invoices for services provided to the corporate debtor under government of Odisha contracts. The corporate debtor acknowledges the debt but claims a settlement agreement was reached where the operational creditor agreed to accept ₹80 lakhs as full and final payment, and that ₹20 lakhs had already been paid. The operational creditor disputes the settlement agreement.

## Facts

Dharani Geotech Engineers, the operational creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Shivam Condev Private Limited, the corporate debtor, claiming an outstanding operational debt of ₹1,42,19,252/-. The debt arose from unpaid invoices for services provided by the operational creditor to the corporate debtor under government of Odisha contracts. The invoices included: Invoice No. 011 dated 30.06.2017 for ₹ 94,46,600.00/-, Invoice No. OR/01 dated 05.12.2017 for ₹ 72,35,670.75/-, Invoice No. OR/01 dated 29.05.2018 for ₹ 73,96,193.00/-, Invoice No. OR/02 dated 13.10.2018 for ₹ 23,72,554.00/-, and Invoice No. OR/03 dated 29.01.2019 for ₹11,29,600.00/-. The corporate debtor had deducted and paid TDS on the invoices but

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## Issues and analysis

### Issue 1: Whether there is an "operational …

**Ratio:** Section 4 of the Insolvency and Bankruptcy Code, 2016 defines the threshold for

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**Reasoning:** The Adjudicating Authority needed to determine if the claimed debt met the minimum

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**Interpretation:** The interpretation of 'operational debt' involves understanding its definition

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**Application:** The claimed debt of ₹1,42,19,252/- clearly exceeds the threshold of Rs. 1 lakh,

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## Parties

- **Judges:** Rajasekha…; Satya Ranjan…
- **Appellants:** Dharani Geotech…
- **Respondents:** Shivam Condev…
- **Advocates:** Bhavna…; Ratnanko B…; +5 more

## Timeline

- **2016-01-01 — Insolvency and…**: The application is filed under Section 9 of…
- **2017-06-30 — Invoice N…**: Invoice No. 011 dated 30.06.2017 for ₹ 94,46,600.00/- was raised by the Operational…

## 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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