# In the matter of Masterly Kolkata Facility Maintenance Private Limited

> NCLT judgment dated 2024-04-18. Citation: TCN-2024-NCLT-01691. The case involves an application under Section 9 of the Insolvency and Bankruptcy Code, 2016,…

- **Court:** NCLT
- **Order date:** 18 Apr 2024
- **Citation:** TCN-2024-NCLT-01691
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/masterly-kolkata-facility-maintenance-private-limited-ba058e5b

## Summary

### Background

The case involves an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, filed by Colliers International (India) Property Services Private Limited, the Operational Creditor, against Masterly Kolkata Facility Maintenance Private Limited, the Corporate Debtor, seeking to initiate the Corporate Insolvency Resolution Process (CIRP). The Operational Creditor claimed a default amount of Rs 1,46,88,796, with the date of default being June 13, 2022. A property service management agreement was executed between the parties on January 30, 2020, for property management services provided by the Operational Creditor from August 30, 2019, to March 31, 2022.

## Facts

Colliers International (India) Property Services Private Limited (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Masterly Kolkata Facility Maintenance Private Limited (Corporate Debtor) to initiate CIRP. The initial claim was Rs 1,46,88,796, with the default date being June 13, 2022. A property service management agreement was in place since January 30, 2020. During the pendency of the case, the Corporate Debtor made a payment of Rs 1,39,25,920, which the Operational Creditor acknowledged in a supplementary affidavit dated February 22, 2024. The Corporate Debtor confirmed this payment in its reply affidavit dated April 1, 2024. The remaining outstanding amount was Rs 7,62,866. This amount was below the

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## Issues and analysis

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

**Ratio:** The ratio is that the Insolvency and Bankruptcy Code (IBC) requires a minimum threshold

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**Reasoning:** The court reasoned that the Operational Creditor acknowledged the partial payment made by

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**Interpretation:** The interpretation is that the IBC aims to resolve insolvency issues for

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**Application:** In this case, the partial payment of Rs 1,39,25,920 reduced the outstanding

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## Parties

- **Judges:** Smt Bidisha…; D. Ar…
- **Appellants:** Colliers Internati…
- **Respondents:** Masterly Kolkata…

## Timeline

- **2020-01-30 — Agreement Ex…**: Property service Management agreement executed between Operational Creditor and Corporate…
- **2019-08-30 — Service Sta…**: Operational Creditor started…

## 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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