# In the matter of Meru Kapital Private Limited C.P. No. 2767-IBC-MB-2019

> NCLT judgment dated 2023-02-01. Citation: TCN-2023-NCLT-04830. Mitcon Consultancy & Engineering Services Ltd. filed a Company Petition under Section 9 of the…

- **Court:** NCLT
- **Order date:** 1 Feb 2023
- **Citation:** TCN-2023-NCLT-04830
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/meru-kapital-private-limited-cp-no-2767-ibc-mb-2019-097d170e

## Summary

### Background

Mitcon Consultancy & Engineering Services Ltd. filed a Company Petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Meru Kapital Pvt. Ltd. The petition pertains to an operational debt arising from a contract where Mitcon was to prepare a project report for an agriculture development and food park. The total cost of the work was Rs. 15,00,000, with an agreement that delayed payments would incur an 18% annual interest. Mitcon claims that despite completing the work and issuing invoices, a significant portion of the payment remains outstanding, including principal and interest.

## Facts

Mitcon Consultancy & Engineering Services Ltd. (Operational Creditor) filed a petition against M/s. Meru Kapital Pvt. Ltd. (Corporate Debtor) under Section 9 of the IBC, seeking initiation of CIRP. A contract dated 2016-05-13 was awarded to Mitcon for preparing a project report for an agriculture development and food park at Dindori, Nashik, for a total cost of Rs. 15,00,000 plus taxes. The contract included payment terms and stipulated an 18% annual interest on delayed payments. Mitcon received Rs. 5,72,500 from the Corporate Debtor and commenced work, including site visits on 2016-05-24 and 2016-05-25. Mitcon sent email reminders for required documents and submitted a draft report on 2017-12-11. The Corporate Debtor made a payment of Rs. 3,15,000. Mitcon issued

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## Issues and analysis

### Issue 1: Whether the petition filed by the Operational Creditor is admissible under Section 9 of the …

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

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**Reasoning:** The court observed that the Corporate Debtor did not file any reply to the demand notice

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**Interpretation:** Section 9 provides a mechanism for operational creditors to recover their dues

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

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## Parties

- **Judges:** Kuldip Kumar…; ANURADHA SANJAY…
- **Appellants:** Mitcon Consultancy…
- **Respondents:** M/s. Meru Kapital…

## Timeline

- **2016-05-13 — Contract…**: Respondent awarded the work of preparation…
- **2016-05-24 — Site Vis…**: Officers of the Petitioner made…

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