# In the matter of YSG Cabs and Logistics Private Limited Company Petiiton no. (IB)-565 (ND)-2018

> NCLT judgment dated 2018-11-28. Citation: TCN-2018-NCLT-00274. The case pertains to an application filed under Section 9 of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 28 Nov 2018
- **Citation:** TCN-2018-NCLT-00274
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/ysg-cabs-and-logistics-private-limited-company-petiiton-no-ib-565-nd-2018-5618a001

## Summary

### Background

The case pertains to an application filed 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, seeking the initiation of the Corporate Insolvency Resolution Process (CIRP) against YSG Cabs And Logistics Private Limited. Overseas Packaging Industries Private Limited, the applicant, claimed that YSG Cabs defaulted on payments for services provided under a Business Centre Agreement and Amenities Agreement. These services included leasing office premises, providing furniture, fixtures, interior decorations, and air-conditioning at various locations. The applicant issued a demand notice under Section 8 of the Code when full payments were not made. The corporate

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## Facts

Overseas Packaging Industries Private Limited (Operational Creditor) provided temporary office/commercial premises and amenities to YSG Cabs And Logistics Private Limited (Corporate Debtor) under a Business Centre Agreement dated 2016-04-16 and an Amenities Agreement. The services included leasing premises, providing furniture, fixtures, interior decorations, and air-conditioning at various locations including Kolkata, Bhubaneswar, Guwahati, Ranchi, Lucknow, Chennai, Bangalore, Pune, and Mumbai. The Operational Creditor raised invoices for these services, which were to be paid within 7 days of the month, with an 18% per annum interest penalty for delayed payments. The Corporate Debtor allegedly failed to make payments, leading to outstanding dues of Rs. 2,30,12,045/-

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## Issues and analysis

### Issue 1: Whether the application filed under Section 9 of the Insolvency and Bankruptcy Code, 2016, is …

**Ratio:** Section 9(5)(i)(a) to (d) of the Insolvency and Bankruptcy Code, 2016, outlines the

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**Reasoning:** The court reasoned that the application was complete and that there had been a part

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**Interpretation:** Section 9 of the IBC provides the procedure for an operational creditor to

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**Application:** In this case, the court found that the Operational Creditor had provided

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## Parties

- **Judges:** Ina Mal…; DeepaKr…
- **Appellants:** Overseas Packaging…
- **Respondents:** YSG Cabs and…
- **Advocates:** Garima S…; Srishti G…

## Timeline

- **2016-04-16 — Business Centre…**: Date of the Business Centre Agreement between Overseas Packaging Industries Private…
- **2017-11-22 — Demand Notice…**: Overseas Packaging Industries Private Limited issued a demand notice to YSG Cabs And…

## 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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