# 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-04365. Mithalanchal Constructions, through its partner Mr. Abhishek Kumar, filed a Company Petition…

- **Court:** NCLT
- **Order date:** 25 Jan 2022
- **Citation:** TCN-2022-NCLT-04365
- **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-2019-88258146

## 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 RA bills and alleged that the Operational Creditor suppressed material documents and that a

…

## 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 carried out construction work for the Corporate Debtor's residential apartments 'Utkarsh Heights' in Noida, U.P. The total work completed was valued at Rs. 3,42,83,614, but the Corporate Debtor only paid Rs. 1,00,89,000, leaving an outstanding amount of Rs. 2,41,94,614. The Operational Creditor claimed compliance with the work order terms. The Corporate Debtor denied the veracity of the 3rd and 4th RA bills, alleging they were not certified by an engineer and that the work was abandoned in July 2017. The Corporate Debtor also claimed suppression of material documents,

…

## Issues and analysis

### Issue 1: Whether the petition under Section 9 of the IBC is maintainable given the Corporate Debtor's …

**Ratio:** The existence of a pre-existing dispute, as defined by the IBC and interpreted by the

…

**Reasoning:** The NCLT considered the Corporate Debtor's argument regarding a pre-existing dispute.

…

**Interpretation:** The legal principle is that a genuine pre-existing dispute, raised before the

…

**Application:** In this case, the NCLT found that the Corporate Debtor's dispute was not raised

…

## Parties

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

## Timeline

- **2016-04-29 — Agreement…**: Agreement between Operational…
- **2016-08-23 — Work Orde…**: Work order bearing SIPL/MIPL/Delhi/MCS…

## Legal provisions

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

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/shreyasi-infra-private-limited-cp-ib-09-mb-c-ii-2019-88258146