# In the matter of Guardian Homes Private Limited IA-2433(MB)2020 in C.P.(IB)-3113(MB)2019

> NCLT judgment dated 2022-03-14. Citation: TCN-2022-NCLT-03754. Apya Capital Services Private Limited filed an application under Section 9 of the Insolvency…

- **Court:** NCLT
- **Order date:** 14 Mar 2022
- **Citation:** TCN-2022-NCLT-03754
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/guardian-homes-private-limited-ia-2433mb2020-in-cpib-3113mb2019-972559b8

## Summary

### Background

Apya Capital Services Private Limited filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against Guardian Homes Private Limited (Corporate Debtor). The Adjudicating Authority (National Company Law Tribunal, Mumbai Bench) dismissed the application, citing deficiency in service provided by Apya Capital and the absence of a debt. Apya Capital appealed this decision. The NCLAT set aside the order and directed the Tribunal to admit the petition after providing an opportunity to the Corporate Debtor to settle the claim. The Corporate Debtor engaged Apya Capital for raising finance and advisory services. A dispute arose regarding the delay in providing services and the fees

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## Facts

Apya Capital Services Private Limited (Appellant) provided financial advisory services to Guardian Homes Private Limited (Corporate Debtor). The Corporate Debtor sought to raise finance for its construction business. A letter dated 08.11.2017 outlined the terms and conditions for Apya Capital's services. A sanction letter dated 16.10.2018 indicated that KKR India Asset Finance Pvt. Ltd. granted facilities of Rs. 280 Crores to the Corporate Debtor. Apya Capital raised proforma invoices, including one dated 20.04.2019 for Rs. 2,05,00,000/-. The Corporate Debtor raised concerns about delays in service via a letter dated 02.05.2019. The Corporate Debtor claimed an amicable agreement to settle fees at Rs. 150 Lakhs, with Rs. 75 Lakhs already paid. Apya Capital issued a

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## Issues and analysis

### Issue 1: Whether the Adjudicating Authority erred in dismissing the application under Section 9 of the …

**Ratio:** The Adjudicating Authority can only reject an application under Section 9 if there is a

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**Reasoning:** The NCLAT found that the Adjudicating Authority erred in holding that there was no debt

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**Interpretation:** Section 9 of the Insolvency and Bankruptcy Code, 2016 allows an operational

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**Application:** In this case, the NCLAT found that the Corporate Debtor admitted to owing Rs.

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## Parties

- **Judges:** ANURADHA SANJAY…; SUCHITRAKAN…
- **Appellants:** Apya Capital…
- **Respondents:** Guardian Homes…

## Timeline

- **2017-11-08 — Engagement…**: Apya Capital issued an engagement letter to Guardian Homes outlining the terms and…
- **2018-10-16 — Sanction…**: KKR India Asset Finance Pvt. Ltd. granted financial facilities of Rs. 280 Crores to…

## 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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