# In the matter of Avail Holding Limited

> NCLT judgment dated 2022-08-17. Citation: TCN-2022-NCLT-01342. VA Realcon Private Limited, the Operational Creditor, filed a petition under Section 9 of the…

- **Court:** NCLT
- **Order date:** 17 Aug 2022
- **Citation:** TCN-2022-NCLT-01342
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/avail-holding-limited-8af66a32

## Summary

### Background

VA Realcon Private Limited, the Operational Creditor, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Avail Holding Limited, the Corporate Debtor. The claim arose from the sale of 1,16,620 shares of Macor Packaging Limited by the Operational Creditor to the Corporate Debtor for Rs. 1,14,28,500/-. The Operational Creditor claimed that the Corporate Debtor failed to make the payment despite repeated reminders and a demand notice. The Corporate Debtor was proceeded ex-parte due to their non-appearance and failure to file a reply.

## Facts

VA Realcon Private Limited (Operational Creditor) filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Avail Holding Limited (Corporate Debtor). The claim is based on the sale of 1,16,620 shares of Macor Packaging Limited by the Operational Creditor to the Corporate Debtor for a consideration of Rs. 1,14,28,500/-. The Operational Creditor claims that the Corporate Debtor failed to make the payment despite repeated reminders and a demand notice issued on 06.11.2020. The date of default is claimed to be 14.10.2019. The Operational Creditor served a reminder letter dated 18.09.2020. The Corporate Debtor was proceeded ex-parte as they did not appear or file a reply. The

…

## Issues and analysis

### Issue 1: Whether the Operational Creditor has established the existence of an unpaid debt and default by the …

**Ratio:** The burden of proof lies on the Operational Creditor to establish the existence of a debt

…

**Reasoning:** The court found that the Operational Creditor failed to provide sufficient evidence to

…

**Interpretation:** The legal principle requires the Operational Creditor to provide credible and

…

**Application:** In this case, the Operational Creditor's failure to provide the CIN number,

…

## Parties

- **Judges:** DHARMINDER…; L. N. G…
- **Appellants:** VA Realcon…
- **Respondents:** Avail Holding…

## Timeline

- **2019-10-14 — Sale of S…**: Operational Creditor sold 1,16,620 shares of Macor Packaging Limited to the Corporate…
- **2019-10-14 — Date of D…**: The date on which the Corporate Debtor was…

## 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)

---

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-division-bench-court-i-chenn/avail-holding-limited-8af66a32