# In the matter of Vijaykamal Properties Pvt. Ltd. CP 263-IBC-NCLT-MAH-2018

> NCLT judgment dated 2019-01-21. Citation: TCN-2019-NCLT-05208. The case involves a Company Petition filed under Section 9 of the Insolvency & Bankruptcy Code,…

- **Court:** NCLT
- **Order date:** 21 Jan 2019
- **Citation:** TCN-2019-NCLT-05208
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/vijaykamal-properties-pvt-ltd-cp-263-ibc-nclt-mah-2018-a315805d

## Summary

### Background

The case involves a Company Petition filed under Section 9 of the Insolvency & Bankruptcy Code, 2016, by Sanjeev Gupta (Operational Creditor) against Vijaykamal Properties Pvt. Ltd. (Corporate Debtor). The Operational Creditor claimed that the Corporate Debtor failed to make payment of Rs. 29,97,608/-, which included principal amount of Rs. 26,75,847/- and interest @21% from 1.7.2017 to 31.1.2018 amounting to Rs. 3,21,761/-. The date of default was stated as 1.7.2017. The petition was filed to initiate Corporate Insolvency Resolution Process against the Corporate Debtor. The Operational Creditor is the sole proprietor of Global Advertisers and had sent two demand notices both dated 10.1.2018.

## Facts

Sanjeev Gupta, the Operational Creditor, filed a petition against Vijaykamal Properties Pvt. Ltd., the Corporate Debtor, under Section 9 of the Insolvency & Bankruptcy Code, 2016. The claim was for Rs. 29,97,608/-, including a principal amount of Rs. 26,75,847/- and interest of Rs. 3,21,761/-. The Operational Creditor provided advertising services to the Corporate Debtor based on a written communication. Six invoices were raised for the services. The Corporate Debtor argued that a barter agreement existed between them, documented in a Memorandum of Understanding (MOU) dated 6.9.2013, and that disputes should be referred to arbitration. The Operational Creditor sent two demand notices, but the Corporate Debtor did not reply. The Operational Creditor also submitted a

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## Issues and analysis

### Issue 1: Whether the application is maintainable under …

**Ratio:** Section 9 of the IBC allows an operational creditor to initiate corporate insolvency

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**Reasoning:** The NCLT considered the invoices raised by the Operational Creditor for advertising

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**Interpretation:** Section 9 provides a mechanism for operational creditors to recover their dues

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**Application:** The NCLT found that the application was complete in all respects, as the

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## Parties

- **Judges:** V. P. S…; RavikumarDu…
- **Appellants:** Sanjeev…
- **Respondents:** Vijaykamal…
- **Advocates:** Girish B.…; Makarand…

## Timeline

- **2013-09-06 — Barter Agr…**: A barter agreement was entered into between the Operational Creditor and M/s Ravi…
- **2017-07-01 — Date of D…**: The date of default stated by…

## 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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