# In the matter of M/s. United Concepts and Solutions Private Limited (IB)-797(ND)2021

> NCLT judgment dated 2022-01-19. Citation: TCN-2022-NCLT-04409. CBRE South Asia Private Limited, the Applicant, filed an application under Section 9 of the…

- **Court:** NCLT
- **Order date:** 19 Jan 2022
- **Citation:** TCN-2022-NCLT-04409
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/ms-united-concepts-and-solutions-private-limited-ib-797nd2021-0254a193

## Summary

### Background

CBRE South Asia Private Limited, the Applicant, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process against United Concepts and Solutions Private Limited, the Corporate Debtor. The application was based on an operational debt arising from brokerage services provided by CBRE to the Corporate Debtor. The Applicant claimed a total debt of INR 1,39,84,400, including principal and interest, with the first default occurring on 04.04.2019. The Corporate Debtor had engaged CBRE to find a suitable company to lease property owned by the Corporate Debtor. A Fee Confirmation/Service Fee Letter was executed on 05.02.2019, and a lease was executed with M/s IDC Technologies on 06.02.2019.

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## Facts

CBRE South Asia Private Limited (Applicant) is in the business of providing real estate advisory, facility management, and project management consultancy services. United Concepts and Solutions Private Limited (Corporate Debtor) is in the field of construction, office buildings, and housing realty. The Corporate Debtor engaged the Applicant to provide brokerage services to find a suitable company to lease property owned by the Corporate Debtor, specifically property bearing No-C-18, Sector-67, Noida. The parties agreed that the Applicant would charge a brokerage fee equivalent to three months' gross rent plus applicable taxes. The Applicant performed its work diligently, leading to a lease agreement with M/s IDC Technologies dated 06.02.2019. A Fee Confirmation/Service

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## Issues and analysis

### Issue 1: Whether the interest amount can be included with the principal amount of debt to meet the minimum …

**Ratio:** The interest amount cannot be clubbed with the principal amount of debt to arrive at the

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**Reasoning:** The court examined the definitions of 'default,' 'debt,' 'claim,' 'operational debt,' and

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**Interpretation:** The interpretation of Section 4 of the IBC, 2016, and the definitions of

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**Application:** In this case, the principal amount of the operational debt was less than Rs. 1

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## Parties

- **Judges:** ABNI RANJAN KUMAR…; L. N. G…
- **Appellants:** CBRE South Asia…
- **Respondents:** United Concepts…
- **Advocates:** Pratik…

## Timeline

- **2019-02-05 — Fee Confirmation/Service…**: Fee Confirmation/Service Fee Letter was executed between Corporate Debtor and Applicant,…
- **2019-02-06 — Lease Deed Ex…**: A lease dated 06.02.2019 was executed between…

## 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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