# In the matter of BP Suraj Business Combines Private Limited C.P (IB) No. 2233-KB-2019

> NCLT judgment dated 2022-05-10. Citation: TCN-2022-NCLT-02789. The case involves an application filed under Section 9 of the Insolvency and Bankruptcy Code,…

- **Court:** NCLT
- **Order date:** 10 May 2022
- **Citation:** TCN-2022-NCLT-02789
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/bp-suraj-business-combines-private-limited-cp-ib-no-2233-kb-2019-61de98bf

## Summary

### Background

The case involves an application filed under Section 9 of the Insolvency and Bankruptcy Code, 2016, by Jones Lang Lasalle Property Consultants India Private Limited (Operational Creditor) against BP Suraj Business Combines Private Limited (Corporate Debtor) for initiation of Corporate Insolvency Resolution Process (CIRP). The Operational Creditor claimed a default amount of Rs. 65,29,066, including principal and interest, related to services provided for leasing out the Corporate Debtor's commercial building.

## Facts

Jones Lang Lasalle Property Consultants India Private Limited (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against BP Suraj Business Combines Private Limited (Corporate Debtor) for initiating CIRP. The Operational Creditor claimed that the Corporate Debtor defaulted on a payment of Rs. 65,29,066, which included principal and interest. The debt arose from services provided by the Operational Creditor to help the Corporate Debtor lease out its commercial building. The Corporate Debtor approached the Operational Creditor to assist in leasing out their commercial building. The Operational Creditor successfully found Kalyan Jewellers India Limited as a lessee, and a Letter of Intent was executed on December 18,

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## Issues and analysis

### Issue 1: Whether the claim by the Operational Creditor constitutes an operational debt under Section 5(21) …

**Ratio:** Section 5(21) of the Code defines operational debt as a debt arising out of services

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**Reasoning:** The court found that the Operational Creditor provided brokerage services to the

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**Interpretation:** The interpretation of Section 5(21) is broad enough to include any debt arising

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**Application:** Since the Operational Creditor provided brokerage services to the Corporate

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## Parties

- **Judges:** Rajasekha…; Balraj…
- **Appellants:** JONES LANG…
- **Respondents:** BP Suraj Business…

## Timeline

- **2017-12-18 — Letter of…**: Letter of Intent ('LoI') was executed between the Corporate Debtor and Kalyan Jewellers…
- **2017-12-26 — Lease Agr…**: The Corporate Debtor and Kalyan Jewellers…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 5(21) — Definitions](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-5)

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