# In the matter of Platinum Holdings Private Limited CP(IB)-46(CHE)-2022

> NCLT judgment dated 2023-02-01. Citation: TCN-2023-NCLT-04834. The case involves an application filed by Credberg Advisors India Private Limited, the…

- **Court:** NCLT
- **Order date:** 1 Feb 2023
- **Citation:** TCN-2023-NCLT-04834
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/platinum-holdings-private-limited-cpib-46che-2022-e37b2f3a

## Summary

### Background

The case involves an application filed by Credberg Advisors India Private Limited, the Operational Creditor, under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Platinum Holdings Private Limited, the Corporate Debtor, for initiation of the Corporate Insolvency Resolution Process (CIRP). The Operational Creditor claims a total sum of Rs. 2,93,50,000/- as the operational debt, with the date of default stated as 24.02.2020. The Corporate Debtor availed advisory services from the Operational Creditor for raising capital for the Ozone Techno Park Project at OMR Chennai. The Corporate Debtor has filed a reply objecting to the maintainability of the application, arguing that the date of default mentioned in the statutory notice is hit by the period covered

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## Facts

Credberg Advisors India Private Limited (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Platinum Holdings Private Limited (Corporate Debtor). The Operational Creditor claimed an operational debt of Rs. 2,93,50,000/-, with the initial date of default being 24.02.2020. The Corporate Debtor availed advisory services from the Operational Creditor for raising capital for the Ozone Techno Park Project at OMR Chennai, as evidenced by a letter dated 03.05.2019, where the Corporate Debtor agreed to pay 1% of the 'Committed Amount' successfully raised. The Corporate Debtor received a 'Committed Amount' of Rs. 373,00,00,000/-. The Operational Creditor raised invoices for Rs. 3,73,00,000/-. The Corporate Debtor paid

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## Issues and analysis

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

**Ratio:** Section 9(5) of the IBC, 2016 allows for the admission of an application if the

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**Reasoning:** The Tribunal perused the application and the documents relied upon by the Operational

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**Interpretation:** Section 9 of the IBC allows an operational creditor to initiate CIRP against a

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**Application:** The Tribunal applied Section 9(5) of the IBC and found that the Operational

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## Parties

- **Judges:** DEEPTI M…; SAMEER…
- **Appellants:** CREDBERG ADVISORS…
- **Respondents:** PLATINUM HOLDINGS…
- **Advocates:** Varun Srin…; E. Om Pr…; +1 more

## Timeline

- **2019-05-03 — Letter Agr…**: Terms of consideration for services…
- **2019-08-06 — Invoice…**: Invoice dated 6th August 2019 raised by Operational Creditor on Corporate Debtor bearing…

## 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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