# In the matter of Gnex Housing Private Limited

> NCLT judgment dated 2023-10-04. Citation: TCN-2023-NCLT-01420. The application was filed by Orris Projects Private Limited, the Operational Creditor, on…

- **Court:** NCLT
- **Order date:** 4 Oct 2023
- **Citation:** TCN-2023-NCLT-01420
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/gnex-housing-private-limited-5d9992d2

## Summary

### Background

The application was filed by Orris Projects Private Limited, the Operational Creditor, on 2022-02-12 under Section 9 of the Insolvency and Bankruptcy Code, 2016, for initiating the Corporate Insolvency Resolution Process (CIRP) against GNEX Housing Private Limited, the Corporate Debtor. The Operational Creditor claimed that the Corporate Debtor defaulted on clearing an outstanding amount of Rs. 3,52,00,000/- along with penal interest. The Corporate Debtor approached the Operational Creditor representing itself as a Land Aggregator and induced the Operational Creditor to avail professional services for acquiring land parcels. The payment was originally made by The Thyme Land and Housing Pvt. Ltd. (TLHPL) to GNEX Housing Private Limited, and TLHPL later amalgamated with

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## Facts

Orris Projects Private Limited (Operational Creditor) filed an application against GNEX Housing Private Limited (Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate CIRP. The Operational Creditor claimed that the Corporate Debtor defaulted on an outstanding amount of Rs. 3,52,00,000/- plus interest. The Corporate Debtor represented itself as a land aggregator and induced the Operational Creditor to avail its services for acquiring land parcels. The Operational Creditor paid Rs. 3,52,00,000/- to the Corporate Debtor on 2018-11-28 for acquiring land. The Corporate Debtor failed to procure any land. The Operational Creditor issued a legal notice on 2021-08-26 demanding a refund, but the Corporate Debtor did not respond. A

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## Issues and analysis

### Issue 1: Whether the application filed by the Operational Creditor under Section 9 of the IBC, 2016 is …

**Ratio:** Section 9 of the IBC, 2016 allows an operational creditor to initiate CIRP against a

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**Reasoning:** The court found that the Operational Creditor had established that a debt was due and

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**Interpretation:** Section 9 of the IBC provides a mechanism for operational creditors to recover

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**Application:** The court applied Section 9 of the IBC to the facts of the case, finding that

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## Parties

- **Judges:** BACHU VENKAT…; ATUL CHAT…
- **Appellants:** Orris Projects…
- **Respondents:** GNEX Housing…

## Timeline

- **2018-11-28 — Payment by Operational…**: Operational Creditor paid Rs. 3,52,00,000/- to…
- **2021-07-05 — Amalgamation of TLHPL…**: The Thyme Land and Housing Pvt. Ltd. (TLHPL)…

## 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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