# In the matter of MKHS Realty LLP C.P (IB) No. 279-KB-2020

> NCLT judgment dated 2022-05-24. Citation: TCN-2022-NCLT-02625. CBRE South Asia Private Limited filed a Company Petition under Section 9 of the Insolvency and…

- **Court:** NCLT
- **Order date:** 24 May 2022
- **Citation:** TCN-2022-NCLT-02625
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/mkhs-realty-llp-cp-ib-no-279-kb-2020-8b210bcd

## Summary

### Background

CBRE South Asia Private Limited filed a Company Petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, against MKHS Realty LLP, seeking initiation of Corporate Insolvency Resolution Process (CIRP) due to unpaid operational debt. The operational debt claimed was Rs. 29,92,800, including principal and interest. The first default occurred in December 2016.

## Facts

CBRE South Asia Private Limited (Operational Creditor) filed a petition against MKHS Realty LLP (Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code, 2016. The Operational Creditor provided real estate advisory, facility management, project management, and consultancy services to the Corporate Debtor, who is in the field of construction. The parties had commercial transactions based on work and purchase orders. The Corporate Debtor failed to make payments against invoices raised by the Operational Creditor, resulting in an outstanding principal amount of Rs. 17,40,000/-. Including interest, the total amount in default was Rs. 29,92,800/-. The first default occurred in December 2016. The Operational Creditor sent a statutory notice dated 24 October

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## Issues and analysis

### Issue 1: Whether there is any pre-existing …

**Ratio:** The existence of a dispute and/or a suit or arbitration prior to the receipt of the

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**Reasoning:** The court found that the Corporate Debtor did not raise any dispute or initiate any

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**Interpretation:** Section 8 of the IBC requires an operational creditor to deliver a demand

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**Application:** In this case, the Corporate Debtor's claim of a pre-existing dispute was

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## Parties

- **Judges:** Rajasekh…; Balraj…
- **Appellants:** CBRE South Asia…
- **Respondents:** MKHS Real…

## Timeline

- **2016-12-01 — First De…**: The first default in payment…
- **2018-06-25 — Email from Corporate…**: The Corporate Debtor sent an email acknowledging their inability to clear dues but…

## 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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