# In the matter of Remson Prime Technologies Private Limited

> NCLT judgment dated 2024-04-24. Citation: TCN-2024-NCLT-01605. M/s Sanjeev Enterprises, the Petitioner/Operational Creditor, filed a petition under Section 9…

- **Court:** NCLT
- **Order date:** 24 Apr 2024
- **Citation:** TCN-2024-NCLT-01605
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/remson-prime-technologies-private-limited-96e82d4c

## Summary

### Background

M/s Sanjeev Enterprises, the Petitioner/Operational Creditor, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) read with Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s Remson Prime Technologies Private Limited, the Respondent/Corporate Debtor. The petitioner was appointed as C&F Agent (Consignment and Freight Agent) of the respondent as reflected in the agreement entered on 25.10.2017, as per which the petitioner had to make an initial security deposit of Rs. 70,00,000. The petitioner claimed an unpaid debt of Rs. 1,49,73,846.7/- including interest at the rate of 18 % on the principal default amount of

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## Facts

M/s Sanjeev Enterprises (Petitioner/Operational Creditor) filed a petition under Section 9 of the IBC to initiate CIRP against M/s Remson Prime Technologies Private Limited (Respondent/Corporate Debtor). The petitioner was appointed as C&F Agent of the respondent based on an agreement dated 25.10.2017. As per the agreement, the petitioner made a security deposit of Rs. 70,00,000 in three parts: Rs.1,00,000/- through NEFT dated 13.09.2017, Rs.59,00,000/- through RTGS dated 24.10.2017, and Rs.10,00,000/- through a cheque that was not encashed. The petitioner claimed an unpaid debt of Rs. 1,49,73,846.7/- including interest. The petitioner issued a demand notice dated 07.02.2022 under Section 8 of IBC, which was served to the respondent. The respondent replied to the

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## Issues and analysis

### Issue 1: Whether the present application is …

**Ratio:** The Hon'ble Supreme Court's decision in Miscellaneous Application No.21 of 2022 in

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**Reasoning:** The court considered the date of default relied on by the petitioner (13.09.2017) and the

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**Interpretation:** The Supreme Court's order in the Suo Moto Writ Petition provided for the

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**Application:** The court applied the Supreme Court's order to exclude the period from

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## Parties

- **Judges:** Sh. Harnam Singh…; SH. L. N.…
- **Appellants:** M/S SANJEEV…
- **Respondents:** M/S REMSON PRIME…

## Timeline

- **2017-10-25 — Agreement…**: Agreement between M/s Sanjeev Enterprises and M/s Remson Prime Technologies Private…
- **2017-09-13 — NEFT Tra…**: Rs.1,00,000/-…

## 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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