# 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-00088. 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-00088
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/vibrus-homes-private-limited-company-petition-ibno-158-nd-2020-a42d6e9e

## Summary

### Background

Ashimara Housing Private Limited, the operational creditor, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Vibrus Homes Private Limited, the corporate debtor, for initiation of the Corporate Insolvency Resolution Process (CIRP). The dispute arose from an agreement where Ashimara was to run a long-stay residential accommodation at a property owned jointly by Vibrus Homes and Juvello Homes Private Limited. Ashimara made an advance payment of INR 32,43,000 towards the license fee, but the corporate debtor delayed handing over the property. Ashimara then withdrew from the project and requested a refund, which was not provided, leading to the filing of the insolvency petition.

## 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 Homes and Juvello Homes Private Limited. Terms were agreed upon via email on 2019-04-29, including a monthly license fee of INR 15,98,000, a security deposit, and a brokerage amount. Ashimara paid INR 32,43,000 to Vibrus Homes as an advance license fee. However, the Corporate Debtor delayed handing over the property. Ashimara then withdrew from the project on 2019-07-14 and requested a refund. Despite follow-ups, Vibrus Homes defaulted on returning the amount. Ashimara issued a demand notice under Section 8 of the IBC on 2019-11-29. The

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## Issues and analysis

### Issue 1: Whether the claim of the applicant comes within the definition of the Operational Debt under the …

**Ratio:** The NCLT relied on the decision of Hon'ble NCLAT in the matter of "Joseph Jayananda

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**Reasoning:** The NCLT reasoned that the amount of Rs. 32,43,000/- deposited by the Petitioner towards

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**Interpretation:** The interpretation of 'Operational Debt' under Section 5(21) of the IBC

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**Application:** The NCLT applied the ratio to the facts of the case, noting that the advance

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## Parties

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

## Timeline

- **2019-04-29 — Terms Agreed V…**: Terms agreed upon via email between Mr. Karan Kaushish and Mr. JP Singh, including…
- **2019-05-27 — Cheque Dep…**: Corporate Debtor deposited cheque no. 001431 dated 27.05.2019 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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