# In the matter of Shreyasi Infra Private Limited CP (IB) 09-MB-C-II-2019

> NCLT judgment dated 2022-01-25. Citation: TCN-2022-NCLT-04368. Mithalanchal Constructions, through its partner Mr. Abhishek Kumar, filed a Company Petition…

- **Court:** NCLT
- **Order date:** 25 Jan 2022
- **Citation:** TCN-2022-NCLT-04368
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/shreyasi-infra-private-limited-cp-ib-09-mb-c-ii-2019-25deef9d

## Summary

### Background

Mithalanchal Constructions, through its partner Mr. Abhishek Kumar, filed a Company Petition under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) to initiate Corporate Insolvency Resolution Process (CIRP) against Shreyasi Infra Private Limited. The Operational Creditor claimed that the Corporate Debtor failed to make regular payments for construction work carried out for residential apartments 'Utkarsh Heights' in Sector 71, Sarfabad, Noida, U.P. The Operational Creditor completed work worth Rs. 3,42,83,614, out of which the Corporate Debtor paid Rs. 1,00,89,000, leaving an outstanding amount of Rs. 2,41,94,614. The Corporate Debtor denied the veracity of certain raised bills and alleged that the Operational Creditor suppressed material documents and that

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## Facts

Mithalanchal Constructions, the Operational Creditor, filed a petition under Section 9 of the IBC to initiate CIRP against Shreyasi Infra Private Limited, the Corporate Debtor. The Operational Creditor claimed that it had carried out construction work for the Corporate Debtor's residential apartment project 'Utkarsh Heights' based on a work order. The total value of the work completed was Rs. 3,42,83,614, but the Corporate Debtor had only paid Rs. 1,00,89,000, leaving an outstanding amount of Rs. 2,41,94,614. The Operational Creditor asserted that it had complied with the terms and conditions of the work order. The Corporate Debtor denied the veracity of the 3rd and 4th RA bills, claiming they were not certified by an engineer as required by the agreement. The

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## Issues and analysis

### Issue 1: Whether the petition under Section 9 of the IBC is maintainable for initiating CIRP against the …

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

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**Reasoning:** The NCLT found that the Corporate Debtor was in default of a debt due and payable, and

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**Interpretation:** Section 9 provides a mechanism for operational creditors to recover their dues

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**Application:** The NCLT applied Section 9 to the facts of the case, finding that the Corporate

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## Parties

- **Judges:** P.N. Deshmukh…; Shyam Babu…
- **Appellants:** Mithalanchal…
- **Respondents:** Shreyasi Infra…

## Timeline

- **2016-08-23 — Work Order…**: Work order bearing SIPL/MIPL/Delhi/MCS issued by the Corporate Debtor to the Operational…
- **2017-07-01 — Work Sto…**: The Operational Creditor stopped work due to…

## 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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