# in the matter of Pridepoint Construction Private Limited CP (IB) No. 11-9-HDB-2020

> NCLT judgment dated 2022-04-27. Citation: TCN-2022-NCLT-03034. The case originates from a petition filed by M/s.NITCO Limited, an operational creditor, under…

- **Court:** NCLT
- **Order date:** 27 Apr 2022
- **Citation:** TCN-2022-NCLT-03034
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/pridepoint-construction-private-limited-cp-ib-no-11-9-hdb-2020-5b6a8aa5

## Summary

### Background

The case originates from a petition filed by M/s.NITCO Limited, an operational creditor, under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016, seeking initiation of the Corporate Insolvency Resolution Process (CIRP) against Pridepoint Constructions Pvt Ltd, the corporate debtor. The operational creditor claimed a default in payment of Rs 23,95,910/- as of November 15, 2017. The corporate debtor acknowledged the supply of materials worth Rs. 2,37,19,875/-, but claimed to have already paid Rs. 2,00,00,000/- and rejected goods worth Rs. 37,19,875/-, issuing credit notes for Rs. 13,23,965/-. The operational creditor disputed this, stating that the credit notes had already been adjusted.

## Facts

M/s.NITCO Limited (operational creditor) filed a petition under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016, against Pridepoint Constructions Pvt Ltd (corporate debtor) for a default in payment of Rs 23,95,910/- as of November 15, 2017. NITCO, a manufacturer and distributor of tiles, marbles, and mosaics, supplied materials to Pridepoint, who approached them for different kinds of marbles for their projects. NITCO raised 13 invoices from May 31, 2014, to March 3, 2015, totaling Rs. 2,37,19,875/-. Pridepoint claimed to have paid Rs. 2,00,00,000/- and rejected goods worth Rs. 37,19,875/-, issuing credit notes for Rs. 13,23,965/-. The last payment of Rs. 10,00,000/- was made on November 14, 2017. NITCO issued a demand notice on November 15, 2018, for the

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## Issues and analysis

### Issue 1: Whether the documentary evidence furnished with application shows that the aforesaid operational …

**Ratio:** The legal principle applied is that the operational creditor must demonstrate, through

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**Reasoning:** The NCLT reasoned that the operational creditor had submitted sufficient evidence to

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**Interpretation:** The interpretation involves assessing the evidence presented by the operational

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**Application:** In this case, the NCLT applied the ratio to the facts by examining the

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## Parties

- **Judges:** Venkata Ramakrishn…; Veera Brahma Rao…
- **Appellants:** NITCO…
- **Respondents:** Pridepoint…; Pridepoint…

## Timeline

- **2014-05-31 — Invoice Perio…**: Start date of the period during which the…
- **2015-03-03 — Invoice Per…**: End date of the period during which the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 14 — Moratorium](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-14)

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