# In the matter of Newera Solutions Private Limited

> NCLT judgment dated 2023-10-26. Citation: TCN-2023-NCLT-01020. R.A.J. Krishna Construction Company Private Limited (Operational Creditor) filed a petition…

- **Court:** NCLT
- **Order date:** 26 Oct 2023
- **Citation:** TCN-2023-NCLT-01020
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/newera-solutions-private-limited-99bdde66

## Summary

### Background

R.A.J. Krishna Construction Company Private Limited (Operational Creditor) filed a petition seeking initiation of CIRP against Newera Solutions Private Limited (Corporate Debtor). The Operational Creditor (OC) entered into a contract with Home & Soul Infratech Private Limited (H&S) on 12.10.2018 for civil and structure works. Subsequently, an MoU was entered into on 07.12.2020 between Newera Solutions and the OC, transferring the rights, title, obligations, and interest of H&S under the work order to the Corporate Debtor. H&S also confirmed this transfer via an addendum dated 14.12.2020. The OC raised invoices/bills on the Corporate Debtor starting 03.02.2021, and the Corporate Debtor made intermittent payments. A second work order was issued by the

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## Facts

R.A.J. Krishna Construction Company Private Limited (Operational Creditor) entered into a contract with Home & Soul Infratech Private Limited (H&S) on 12.10.2018 for civil and structure works at Jaypee Green Sports City, Greater Noida, valued at INR 11,94,56,470. Subsequently, on 07.12.2020, an MoU was executed between Newera Solutions Private Limited (Corporate Debtor) and the Operational Creditor, transferring H&S's rights, title, obligations, and interest under the work order to the Corporate Debtor. This transfer was confirmed by H&S via an addendum dated 14.12.2020. The Operational Creditor raised invoices/bills on the Corporate Debtor from 03.02.2021, and the Corporate Debtor made intermittent payments totaling INR 6,24,83,788. The Corporate

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## Issues and analysis

### Issue 1: Whether the application under Section 9 of the IBC 2016 is maintainable given the existence of a …

**Ratio:** Section 9(5)(d) of the IBC 2016 stipulates that the Adjudicating Authority should admit

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**Reasoning:** The court reasoned that the arbitral proceedings commenced on 19.01.2023, which was prior

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**Interpretation:** Section 9(5)(d) of the IBC 2016 is interpreted to mean that if there is

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**Application:** In this case, the arbitration notice dated 19.01.2023, which was initiated

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## Parties

- **Judges:** Sh. Ashok Kumar…; L. N. G…
- **Appellants:** R.A.J. Krishna…
- **Respondents:** NEWERA SOLUTIONS…

## Timeline

- **2018-10-12 — Contract with Home &…**: R.A.J. Krishna Construction Company entered into a contract with Home & Soul Infratech…
- **2020-12-07 — MoU with Newera…**: An MoU was entered into between Newera Solutions Private Limited and R.A.J. Krishna…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 8 — Insolvency resolution by operational creditor](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-8)

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