# In the matter of Iceberg Developers Pvt. Ltd. IB-312(ND)-2021

> NCLT judgment dated 2022-04-20. Citation: TCN-2022-NCLT-03168. The case involves an application filed by M/S Shri Sai Enterprises, an Operational Creditor,…

- **Court:** NCLT
- **Order date:** 20 Apr 2022
- **Citation:** TCN-2022-NCLT-03168
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/iceberg-developers-pvt-ltd-ib-312nd-2021-0b7e0eed

## Summary

### Background

The case involves an application filed by M/S Shri Sai Enterprises, an Operational Creditor, under Section 9 of the Insolvency & Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Iceberg Developers Pvt. Ltd., the Corporate Debtor. The Operational Creditor claimed that the Corporate Debtor defaulted on payments related to a facility agreement for financing 3 crores at 12% interest per annum, dated 2017-03-01. The repayment date was 2019-03-15. Despite requests for payment, the Corporate Debtor failed to pay, leading the Operational Creditor to issue a demand notice on 2021-03-19, which was received but not replied to by the Corporate Debtor.

## Facts

M/S Shri Sai Enterprises (Operational Creditor) filed an application under Section 9 of the Insolvency & Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Iceberg Developers Pvt. Ltd. (Corporate Debtor). A facility agreement dated 2017-03-01 was in place for financing 3 crores at 12% interest per annum. The repayment date was fixed as 2019-03-15. The Corporate Debtor requested funds from the Operational Creditor. A demand notice was sent on 2021-03-19, which was received by the Corporate Debtor but not replied to. The Operational Creditor resorted to arbitration, which was provided for in the facility agreement. The arbitrator decided in favor of the Operational Creditor and ordered an amount of Rs. 2,17,18,157 to be paid.

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## Issues and analysis

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

**Ratio:** Section 9 of the Insolvency & Bankruptcy Code, 2016 allows an operational creditor to

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**Reasoning:** The court found that the Operational Creditor had provided sufficient evidence, including

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**Interpretation:** Section 9 provides a mechanism for operational creditors to recover debts from

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

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## Parties

- **Judges:** SH. BACHU VENKAT…; SH. VIRENDRA…
- **Appellants:** M/S Shri Sai…
- **Respondents:** Iceberg Developers…
- **Advocates:** Sh. Aaryan…; Sh. Saurabh…; +3 more

## Timeline

- **2017-03-01 — Facility Agree…**: Facility agreement for financing 3…
- **2019-03-15 — Repayment…**: Date of repayment of full debt…

## 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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