# In the matter of GEOSPHERE INDUSTRIES PRIVATE LIMITED

> NCLT judgment dated 2025-10-17. Citation: TCN-2025-NCLT-01505. M/S Sree UGCL Projects Ltd. filed an application under Section 9 of the Insolvency and…

- **Court:** NCLT
- **Order date:** 17 Oct 2025
- **Citation:** TCN-2025-NCLT-01505
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-cuttack/geosphere-industries-private-limited-dec16481

## Summary

### Background

M/S Sree UGCL Projects Ltd. filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/S Geosphere Industries Pvt. Ltd. for a default of Rs. 18,56,78,817/-.

## Facts

M/S Sree UGCL Projects Ltd. (Operational Creditor) filed an application under Section 9 of the IBC to initiate CIRP against M/S Geosphere Industries Pvt. Ltd. (Corporate Debtor).

The Operational Creditor claimed a default of Rs. 18,56,78,817/- based on unpaid invoices for mining and crushing services.

The Corporate Debtor argued that pre-existing disputes existed and that the debt was settled through a credit note.

The Operational Creditor denied issuing the credit note and claimed it was forged.

The Corporate Debtor issued work completion certificates and signed a ledger acknowledging outstanding dues.

The NCLT found that the Corporate Debtor's defenses were illusory and that the credit note could not be relied upon.

…

## Issues and analysis

### Issue 1: Whether there exists a pre-existing …

**Ratio:** Genuine disputes evidenced by contemporaneous records can defeat a Section 9 petition.

…

**Reasoning:** The Corporate Debtor's letters alleging deficiencies were not followed by debit notes,

…

**Interpretation:** The NCLT interpreted that the disputes raised by the Corporate Debtor were not

…

**Application:** The NCLT applied the principle from Mobilox Innovations v. Kirusa Software and

…

## Parties

- **Judges:** Deep Chandr…; Banwari Lal…
- **Appellants:** M/S Sree UGCL…
- **Respondents:** M/S Geosphere…
- **Other parties:** Ashutosh K…
- **Advocates:** Saswat Kumar…; Abhijeet A…; +4 more

## Timeline

- **2019-03-23 — Work Orde…**: Work Order issued to the Operational…
- **2019-08 — Disputes…**: Corporate Debtor raises…

## 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)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-cuttack/geosphere-industries-private-limited-dec16481