# In the matter of Prateek Infraprojects India Private Limited

> NCLT judgment dated 2024-01-23. Citation: TCN-2024-NCLT-02954. M/s. Spacewood Furnishers Pvt. Ltd., the Applicant/Operational Creditor, filed an application…

- **Court:** NCLT
- **Order date:** 23 Jan 2024
- **Citation:** TCN-2024-NCLT-02954
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/prateek-infraprojects-india-private-limited-a896fb19

## Summary

### Background

M/s. Spacewood Furnishers Pvt. Ltd., the Applicant/Operational Creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s. Prateek Infraprojects India Private Limited, the Respondent/Corporate Debtor. The application was based on the Corporate Debtor's alleged default in clearing an outstanding amount of Rs. 2,26,10,512/- along with interest at 18% per annum, with the date of default being 02.02.2020. The Operational Creditor claimed that the Corporate Debtor had ordered materials for its real estate projects, leading to a contract. The Corporate Debtor issued purchase orders, which the Operational Creditor accepted, and subsequently issued tax invoices for the

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## Facts

M/s. Spacewood Furnishers Pvt. Ltd. (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate CIRP against M/s. Prateek Infraprojects India Private Limited (Corporate Debtor). The claim was for Rs. 2,26,10,512/- plus 18% interest, stemming from unpaid invoices for goods and services provided between 17.10.2017 and 10.01.2019. The Operational Creditor issued 201 invoices, and the Corporate Debtor made partial payments, leaving a balance of Rs. 2,27,11,732/- outstanding. The Corporate Debtor acknowledged a liability of Rs. 2,20,71,123/- via email on 25.02.2020. The Operational Creditor issued a notice on 16.01.2020 and a legal notice on 23.01.2021 demanding payment. The Corporate Debtor, in its reply dated

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## Issues and analysis

### Issue 1: Whether a pre-existing dispute existed between the Operational Creditor and the Corporate Debtor …

**Ratio:** The legal principle applied is that if a Corporate Debtor raises a plausible contention

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**Reasoning:** The Adjudicating Authority reasoned that the Corporate Debtor had presented an email

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**Interpretation:** The interpretation of the law is that a 'dispute' under the IBC encompasses a

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**Application:** In this case, the email dated 04.03.2020 served as evidence of a pre-existing

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## Parties

- **Judges:** BACHU VENKAT…; ATUL CHAT…
- **Appellants:** M/s. SPACEWOOD…
- **Respondents:** M/s. PRATEEK…
- **Advocates:** Garvesh…; Ahmer S…; +4 more

## Timeline

- **1996-06-18 — Incorporation of…**: M/s. Spacewood Furnishers Pvt. Ltd.…
- **2017-10-17 — Purchase…**: The Corporate Debtor placed 12 purchase orders for goods and services from the…

## 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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