# In the matter of Golden Shopping Mall & Hotels Private Limited CP-IB-162(CHE)-2022

> NCLT judgment dated 2022-12-23. Citation: TCN-2022-NCLT-00014. The case involves an application filed by Femina Shopping Mall Private Limited (Operational…

- **Court:** NCLT
- **Order date:** 23 Dec 2022
- **Citation:** TCN-2022-NCLT-00014
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/golden-shopping-mall-hotels-private-limited-cp-ib-162che-2022-721d8fb7

## Summary

### Background

The case involves an application filed by Femina Shopping Mall Private Limited (Operational Creditor) under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Golden Shopping Mall & Hotels Private Limited (Corporate Debtor) to initiate the Corporate Insolvency Resolution Process (CIRP). The Operational Creditor claimed a total debt of Rs. 1,04,62,218/-, including principal and interest. The Corporate Debtor disputed the debt, arguing that the claimed interest component was not agreed upon and that the outstanding principal amount did not meet the threshold for initiating CIRP.

## Facts

Femina Shopping Mall Private Limited (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Golden Shopping Mall & Hotels Private Limited (Corporate Debtor). The Operational Creditor claimed a total debt of Rs. 1,04,62,218/-, comprising Rs. 55,07,846/- towards principal and Rs. 49,54,366/- towards interest. The Operational Creditor supplied grocery and other fast-moving items to the Corporate Debtor between April 2016 and August 2018. The date of default was stated as 01.08.2018. Prior to filing the application, the Operational Creditor issued several demand notices to the Corporate Debtor. The Corporate Debtor disputed the debt, contending that the

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## Issues and analysis

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

**Ratio:** An application under Section 9 of the Insolvency and Bankruptcy Code, 2016, is

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**Reasoning:** The court reasoned that the outstanding principal amount was below the threshold

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**Interpretation:** Section 9 of the Insolvency and Bankruptcy Code, 2016, requires that the debt

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**Application:** In this case, the court found that the outstanding principal amount was below

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## Parties

- **Judges:** DEEPTI M…; SAMEER…
- **Appellants:** Femina Shopping…
- **Respondents:** Golden Shopping…

## Timeline

- **2016-04-01 — Supply of…**: Operational Creditor supplied goods to Corporate Debtor between April 2016 and August…
- **2018-08-01 — Date of D…**: The date of default as per…

## 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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