# In the matter of Iriisnet Communication Private Limited Company Petition (IB) No. 87-ND-2020

> NCLT judgment dated 2022-02-24. Citation: TCN-2022-NCLT-03975. The case pertains to a petition filed under Section 9 of the Insolvency and Bankruptcy Code,…

- **Court:** NCLT
- **Order date:** 24 Feb 2022
- **Citation:** TCN-2022-NCLT-03975
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/iriisnet-communication-private-limited-company-petition-ib-no-87-nd-2020-0c1951fd

## Summary

### Background

The case pertains to a petition filed under Section 9 of the Insolvency and Bankruptcy Code, 2016, read with Rule 6 of the Insolvency and Bankruptcy (Application to the Adjudicating Authority) Rules, 2016, by Swiftmail Communications Limited, an operational creditor, against Iriisnet Communication Private Limited, the corporate debtor. The operational creditor sought initiation of the Corporate Insolvency Resolution Process (CIRP) against the corporate debtor for an alleged default in payment of operational debt.

## Facts

Swiftmail Communications Limited, an operational creditor, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Iriisnet Communication Private Limited, the corporate debtor, for initiation of CIRP. The operational creditor claimed a total debt of INR 9,87,432.00, including principal and interest. The principal amount of the debt was INR 622,081.00. The operational creditor claimed that a demand notice was sent to the corporate debtor's registered email ID and to the emails of the suspended Board of Directors. The corporate debtor did not appear before the court. The application was filed on 23.12.2019. The court noted that the minimum threshold for triggering CIRP was Rupees one lakh at the time of filing the application.

## Issues and analysis

### Issue 1: Whether the application under Section 9 of the Insolvency and Bankruptcy Code, 2016, is …

**Ratio:** Section 4 of the IBC specifies the minimum threshold for triggering CIRP. At the time of

…

**Reasoning:** The court observed that the application was filed on 23.12.2019, prior to the

…

**Interpretation:** Section 4 of the IBC is interpreted to mean that the threshold applicable at

…

**Application:** Since the application was filed when the threshold was Rupees one lakh and the

…

## Parties

- **Judges:** Sh. Abni Ranjan…; Sh. Hemant Kumar…
- **Appellants:** Swiftmail…
- **Respondents:** Iriisnet Communica…

## Timeline

- **2019-12-23 — Application Fi…**: Swiftmail Communications Limited filed an application under Section 9 of the IBC against…
- **2020-03-18 — Additional Affidavit…**: The applicant filed an…

## 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)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/iriisnet-communication-private-limited-company-petition-ib-no-87-nd-2020-0c1951fd