# In the matter of Helios and Matheson Information Technology Limited

> NCLT judgment dated 2023-07-13. Citation: TCN-2023-NCLT-02533. The case involves an application filed by M3bi India Private Limited, the Operational Creditor,…

- **Court:** NCLT
- **Order date:** 13 Jul 2023
- **Citation:** TCN-2023-NCLT-02533
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/helios-and-matheson-information-technology-limited-03ef1251

## Summary

### Background

The case involves an application filed by M3bi India Private Limited, the Operational Creditor, against Helios and Matheson Information Technology Limited, the Corporate Debtor, under Section 9 of the Insolvency and Bankruptcy Code, 2016. The Operational Creditor alleged a default of Rs. 5,10,69,144/-. The Corporate Debtor was incorporated on 08.03.1991. The Hon'ble High Court, Madras had already appointed the Official Liquidator as the Provisional Liquidator of the Corporate Debtor.

## Facts

M3bi India Private Limited, the Operational Creditor, filed an application against Helios and Matheson Information Technology Limited, the Corporate Debtor, under Section 9 of the Insolvency and Bankruptcy Code, 2016. The Corporate Debtor was incorporated on 08.03.1991. The Operational Creditor alleged a default of Rs. 5,10,69,144/-. The Operational Creditor relied on documents including a Sub-Contractor Agreement dated 17-1-2013, a Renewal Agreement, a Statement of Work, invoices, and email communications. The Hon'ble High Court, Madras by an order dated 21.01.2016 appointed the Official Liquidator attached to this Hon'ble Court as the Provisional Liquidator of M/s. Helios & Matheson Information Technology Limited. The Hon'ble Division Bench, Madras vide its order

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## Issues and analysis

### Issue 1: Whether the present proceeding under Section 9 of IBC, 2016 can continue before the NCLT Bench, …

**Ratio:** The principle is that when a High Court has already appointed an Official Liquidator for

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**Reasoning:** The court reasoned that since the High Court of Madras had already appointed the Official

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**Interpretation:** This interpretation clarifies that the appointment of an Official Liquidator by

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**Application:** In this case, the High Court of Madras had already appointed the Official

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## Parties

- **Judges:** SANJIV…; SAMEER…
- **Appellants:** M3bi India…
- **Respondents:** Helios and…
- **Advocates:** Ramasamy Me…; Anirudh A…

## Timeline

- **1991-03-08 — Incorporation of…**: Helios and Matheson Information…
- **2013-01-17 — Sub-Contractor…**: Date of the Sub-Contractor…

## 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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