# In the matter of Technic Projects Constructions Pvt. Ltd. C.P. No. 4016-IBC-MB-2018

> NCLT judgment dated 2021-12-06. Citation: TCN-2021-NCLT-00255. Godrej & Boyce Mfg. Co. Ltd. filed a company petition under Section 9 of the Insolvency and…

- **Court:** NCLT
- **Order date:** 6 Dec 2021
- **Citation:** TCN-2021-NCLT-00255
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/technic-projects-constructions-pvt-ltd-cp-no-4016-ibc-mb-2018-198a9a49

## Summary

### Background

Godrej & Boyce Mfg. Co. Ltd. filed a company petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against Technic Projects Constructions Pvt. Ltd. The claim was for an operational debt of Rs. 43,05,872.35/-. The Operational Creditor claimed that the Corporate Debtor defaulted in making payments for the supply of Ready Mix Concrete (RMC) for projects of Xrbia Developers Limited. The Corporate Debtor acknowledged a liability of Rs. 28,53,525/- for the Vangani site and Rs. 5,00,449/- for the Madap site in letters dated April 12, 2018.

## Facts

Godrej & Boyce Mfg. Co. Ltd. (Operational Creditor) filed a petition against Technic Projects Constructions Pvt. Ltd. (Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate CIRP for an operational debt of Rs. 43,05,872.35/-. The debt arose from the supply of Ready Mix Concrete (RMC) to the Corporate Debtor for projects of Xrbia Developers Limited. The Operational Creditor submitted quotations and the Corporate Debtor issued purchase orders. The total value of invoices raised was Rs. 52,31,004.91/-, out of which Rs. 18,45,497.46/- was paid, leaving a balance of Rs. 33,85,507.45/-. The Corporate Debtor acknowledged a liability of Rs. 28,53,525/- for the Vangani site and Rs. 5,00,449/- for the Madap site in letters dated

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor defaulted in making payments for the supply of Ready Mix Concrete …

**Ratio:** Section 3(11) of the IBC, 2016 defines 'debt' and Section 3(12) defines 'default'. A

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**Reasoning:** The NCLT considered the invoices raised by the Operational Creditor, the payments made by

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**Interpretation:** The legal issue revolves around whether the Corporate Debtor failed to meet its

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**Application:** The NCLT applied the definitions of 'debt' and 'default' to the facts of the

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## Parties

- **Judges:** H.V. Subb…; Chandra Bha…
- **Appellants:** Godrej & Boyce…
- **Respondents:** Technic Projects…

## Timeline

- **2018-04-12 — Corporate Debtor's…**: The Corporate Debtor sent two letters acknowledging a liability of Rs. 28,53,525/- for…
- **2018-08-20 — Demand N…**: The Operational Creditor issued a demand notice to the Corporate Debtor claiming Rs.…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 3(11) — Definitions](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-3)

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