# In the matter of Three C Shelters Pvt. Ltd. Company Petition No. (IB)-2721(ND)-2019

> NCLT judgment dated 2020-10-16. Citation: TCN-2020-NCLT-00370. The case involves an application filed by M/S Straight Edge Contracts Pvt. Ltd., an operational…

- **Court:** NCLT
- **Order date:** 16 Oct 2020
- **Citation:** TCN-2020-NCLT-00370
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/three-c-shelters-pvt-ltd-company-petition-no-ib-2721nd-2019-af07272e

## Summary

### Background

The case involves an application filed by M/S Straight Edge Contracts Pvt. Ltd., an operational creditor, under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016, for initiating the Corporate Insolvency Resolution Process (CIRP) against M/S Three C Shelters Pvt. Ltd., the corporate debtor. The operational creditor claimed that the corporate debtor defaulted on payments for construction work done at the corporate debtor's residential project. The Tribunal considered the application, along with related applications for correction of typographical errors in previous orders.

## Facts

M/S Straight Edge Contracts Pvt. Ltd. (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/S Three C Shelters Pvt. Ltd. (Corporate Debtor). The Operational Creditor and Corporate Debtor entered into an agreement on 2017-11-28 for construction work at the Corporate Debtor's residential project, Greenopolis, in Gurugram, Haryana. The Operational Creditor completed construction work worth Rs. 33,08,46,411/- between November 2017 and August 2018. The Corporate Debtor made partial payments of Rs. 3,12,55,376/-, with the last payment on 2018-03-17. An amount of Rs. 29,95,91,034/- plus 24% interest remained unpaid. The Operational Creditor sent a demand

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## Issues and analysis

### Issue 1: Whether the requirements of Section 9(5)(i)(a) to (d) of the Insolvency and Bankruptcy Code, 2016 …

**Ratio:** Section 9(5)(i)(a) to (d) of the IBC outlines the conditions for admitting an application

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**Reasoning:** The Tribunal reasoned that the operational creditor had submitted a complete application

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**Interpretation:** Section 9 of the IBC is interpreted to mean that if the operational creditor

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**Application:** The Tribunal applied this interpretation to the facts, noting that the

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## Parties

- **Judges:** (Dr.) P.S.N…; SUMITA PURK…
- **Appellants:** M/S Straight Edge…
- **Respondents:** M/S Three C…

## Timeline

- **2017-11-28 — Agreement…**: Agreement between Operational Creditor and…
- **2017-11-01 — Constructio…**: Construction work commenced…

## 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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