# In the mater of Logiccash Solutions Pvt. Ltd.

> NCLT judgment dated 2023-12-07. Citation: TCN-2023-NCLT-00371. The case pertains to a Company Petition filed under Section 9 of the Insolvency & Bankruptcy…

- **Court:** NCLT
- **Order date:** 7 Dec 2023
- **Citation:** TCN-2023-NCLT-00371
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/in-the-mater-of-logiccash-solutions-pvt-ltd-06fc5c4e

## Summary

### Background

The case pertains to a Company Petition filed under Section 9 of the Insolvency & Bankruptcy Code, 2016 (IBC) by M/S Bhawani Enterprises, the Operational Creditor, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against M/s. Logicash Solutions Pvt. Ltd, the Corporate Debtor. The petition was filed on 2021-08-11, claiming an amount of Rs. 1,64,16,651/- due as of 2021-06-30, comprising a principal amount of Rs. 1,26,61,928/- and interest of Rs. 37,54,723/-. The date of default specified in the petition is 2019-06-02.

## Facts

M/S Bhawani Enterprises, the Operational Creditor, filed a petition under Section 9 of the IBC against M/s. Logicash Solutions Pvt. Ltd, the Corporate Debtor, for defaulting on a payment of Rs. 1,64,16,651/-. This amount included a principal of Rs. 1,26,61,928/- and interest of Rs. 37,54,723/-, as of 2021-06-30. The default date was 2019-06-02. The Operational Creditor and Corporate Debtor had an agreement dated 2014-04-09 for vehicle hire and fleet management services. The Operational Creditor provided services, and invoices were raised between 2019-02-18 and 2019-12-26. The Corporate Debtor paid Rs. 33,76,132/- but failed to pay the remaining amount. The Corporate Debtor acknowledged the outstanding dues in an email dated 2020-09-22, committing to clear them. The

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## Issues and analysis

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

**Ratio:** Section 9 of the IBC allows an operational creditor to initiate CIRP against a corporate

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**Reasoning:** The NCLT observed that the Operational Creditor had provided services to the Corporate

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**Interpretation:** Section 9 of the IBC provides a mechanism for operational creditors to recover

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

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## Parties

- **Judges:** Anu Jagmoha…; KISHORE VEMULAPALL…
- **Appellants:** M/S BHAWANI…
- **Respondents:** M/s. LOGICASH…
- **Advocates:** Rishi A…; Aditya N.…

## Timeline

- **2014-04-09 — Agreement…**: Operational Creditor and Corporate Debtor entered into an agreement for vehicle hire and…
- **2019-02-18 — Invoice Perio…**: Invoices were raised by the…

## 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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