# In the matter of Vibrus Homes Private Limited Company Petition (IB)No. 158-ND-2020

> NCLT judgment dated 2021-12-21. Citation: TCN-2021-NCLT-00100. Ashimara Housing Private Limited, the operational creditor, filed a petition under Section 9 of…

- **Court:** NCLT
- **Order date:** 21 Dec 2021
- **Citation:** TCN-2021-NCLT-00100
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/vibrus-homes-private-limited-company-petition-ibno-158-nd-2020-4bf40a74

## Summary

### Background

Ashimara Housing Private Limited, the operational creditor, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, read with Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Vibrus Homes Private Limited, the corporate debtor. The dispute arose from an agreement where Ashimara was to provide accommodation to students in hostels run at a property owned by Vibrus and Juvello Homes Private Limited. Ashimara paid an advance license fee of INR 32,43,000 to Vibrus, but later withdrew from the project due to delays and requested a refund, which was not provided.

## Facts

Ashimara Housing Private Limited (Operational Creditor) and Vibrus Homes Private Limited (Corporate Debtor) entered into discussions for Ashimara to run a long-stay residential accommodation at a property owned jointly by Vibrus and Juvello Homes Private Limited. An email dated 2019-04-29 outlined the terms, including a monthly license fee of INR 15,98,000 for 136 beds, effective from 2019-07-15. Ashimara paid INR 32,43,000 to Vibrus as an advance license fee via cheque no. 001431 dated 2019-05-27, which was cleared on 2019-05-28. Ashimara also issued a cheque for INR 63,45,000 to Juvello, but later stopped payment due to delays in handover. On 2019-07-14, Ashimara informed Vibrus of its withdrawal from the project and requested a refund. A demand notice was issued to

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## Issues and analysis

### Issue 1: Whether the claim of Ashimara Housing Private Limited constitutes an 'operational debt' under the …

**Ratio:** The ratio is based on the interpretation of Section 5(21) of the IBC, which defines

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**Reasoning:** The NCLT reasoned that the advance payment made by Ashimara was towards a license fee for

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**Interpretation:** The interpretation of 'operational debt' under Section 5(21) of the IBC is

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**Application:** In this specific case, the NCLT applied the ratio by determining that the

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## Parties

- **Judges:** ABNI RANJAN KUMAR…; AVINASH K.…
- **Appellants:** Ashimara Housing…
- **Respondents:** Vibrus Homes…

## Timeline

- **2019-04-29 — Email Exc…**: Terms agreed upon via email between…
- **2019-05-27 — Cheque Pa…**: Cheque no. 001431 dated 27.05.2019 in favor of Corporate Debtor for a sum of INR…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 8 — Insolvency resolution by operational creditor](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-8)

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