# In the matter of GNEX Realtech Private Limited

> NCLT judgment dated 2023-10-11. Citation: TCN-2023-NCLT-01280. Capric Contracts Private Limited filed a Section 9 petition under the Insolvency & Bankruptcy…

- **Court:** NCLT
- **Order date:** 11 Oct 2023
- **Citation:** TCN-2023-NCLT-01280
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/gnex-realtech-private-limited-e29b332b

## Summary

### Background

Capric Contracts Private Limited filed a Section 9 petition under the Insolvency & Bankruptcy Code (IBC), 2016 against GNEX Realtech Private Limited, claiming default on a contract entered in 2018. Capric Contracts was awarded three Letters of Intent (LOIs) for public health engineering, road, and allied work projects in Haryana. The work order was amended over time, and Capric Contracts raised invoices, with GNEX Realtech making payments until the work allegedly closed. Capric Contracts claimed full execution, while GNEX Realtech argued incomplete work and withheld amounts. The operational creditor claimed Rs. 1,77,09,067/- as due, which GNEX Realtech acknowledged in December 2019. Settlement discussions ensued, including a draft settlement deed in March 2023, but

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## Facts

Capric Contracts Private Limited (Operational Creditor) filed a Section 9 petition against GNEX Realtech Private Limited (Corporate Debtor) under the IBC, 2016, for a default arising from a contract entered in 2018. Capric Contracts was awarded three LOIs for public health engineering projects in Haryana. The work order was amended over time. Capric Contracts raised invoices, and GNEX Realtech made payments until the work allegedly closed. Capric Contracts claimed Rs. 1,77,09,067/- was due, based on invoices and ledger accounts. GNEX Realtech acknowledged the amount in December 2019 but argued it was disputed due to incomplete work. GNEX Realtech also raised the issue of GST liability. A draft settlement deed was proposed in March 2023, but no agreement was reached.

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## Issues and analysis

### Issue 1: Whether a debt existed and was due from GNEX Realtech Private Limited to Capric Contracts Private …

**Ratio:** A debt must be clearly established and undisputed for a Section 9 petition to be admitted

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**Reasoning:** The court found that the Operational Creditor's own settlement proposal indicated that

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**Interpretation:** The court interpreted the IBC to require a clear and undisputed debt for the

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**Application:** The court applied the ratio to the facts by finding that the Operational

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## Parties

- **Judges:** Ramalingam…; Sh. Avinash K.…
- **Appellants:** Capric Contracts…
- **Respondents:** GNEX Realtech…

## Timeline

- **2018-01-01 — Contract E…**: Contract entered between Capric Contracts Private Limited and GNEX Realtech Private…
- **2018-07-25 — LOI Awar…**: Three Letters of Intent (LOIs) awarded to Capric Contracts Private Limited for projects…

## 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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