# In the matter of MAYA CONSTRUCTION COMPANY PRIVATE LIMITED

> NCLT judgment dated 2025-03-28. Citation: TCN-2025-NCLT-00293. This is a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, where the…

- **Court:** NCLT
- **Order date:** 28 Mar 2025
- **Citation:** TCN-2025-NCLT-00293
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/maya-construction-company-private-limited-4a3f8593

## Summary

### Background

This is a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, where the Operational Creditor, M/S Shreenathji Marketing, seeks to initiate Corporate Insolvency Resolution Process (CIRP) against Maya Construction Company Private Limited. The total amount in default is Rs. 1,57,34,547/-, with the date of default mentioned as 23.12.2021. The Corporate Debtor approached the Operational Creditor for the supply of steel materials. The Operational Creditor supplied the goods without any dispute until the notice was issued. The bills/invoices were raised from October 2021 to November 2021 and received by the Corporate Debtor without objections.

## Facts

M/S Shreenathji Marketing, the Operational Creditor, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Maya Construction Company Private Limited, the Corporate Debtor. The total amount in default is Rs. 1,57,34,547/-, with the date of default being 23.12.2021. The Corporate Debtor had approached the Operational Creditor for the supply of steel materials, which were supplied without any dispute until the notice was issued. The bills/invoices were raised from October 2021 to November 2021 and received by the Corporate Debtor without objections. The Corporate Debtor is liable to pay Rs.1,16,16,017/- (Principal amount) and further interest @ 24% p.a. Rs.41,25,139/-. The Corporate

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## Issues and analysis

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

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

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**Reasoning:** The Tribunal considered the submissions of both parties and the material on record,

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

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**Application:** The Tribunal found that the Operational Creditor had followed the procedure

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## Parties

- **Judges:** Chitra Ha…; Velamur G Venkata…
- **Appellants:** M/s Shreenathji…
- **Respondents:** Maya Construction…
- **Advocates:** Pranav Th…; Shreyang…; +1 more

## Timeline

- **2021-12-23 — Date of D…**: The date of default as…
- **2021-06-23 — Bank Guarante…**: The corporate debtor issued a bank guarantee…

## 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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