# In the matter of Smart Projects and Infratech India Private Limited CP (IB) No. 73-9-HDB-2022

> NCLT judgment dated 2022-03-25. Citation: TCN-2022-NCLT-03515. The application was filed under Section 9 of the Insolvency and Bankruptcy Code, read with Rule…

- **Court:** NCLT
- **Order date:** 25 Mar 2022
- **Citation:** TCN-2022-NCLT-03515
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/smart-projects-and-infratech-india-private-limited-cp-ib-no-73-9-hdb-2022-2366733a

## Summary

### Background

The application was filed under Section 9 of the Insolvency and Bankruptcy Code, read with Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, seeking initiation of the Corporate Insolvency Resolution Process (CIRP), granting moratorium and appointment of Interim Resolution Professional. The operational creditor, M/s. Winttus Formwork Pvt Ltd, contended that the corporate debtor, M/s. Maiwir Ecoinfra Pvt Ltd, defaulted in the payment of an alleged debt of Rs. 4,89,541 plus interest of Rs. 74,913. The application was filed on 31.12.2021.

## Facts

M/s. Winttus Formwork Pvt Ltd, the operational creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code (IBC) against M/s. Maiwir Ecoinfra Pvt Ltd, the corporate debtor, for defaulting on a debt of Rs. 4,89,541 plus interest of Rs. 74,913. The application was filed on 31.12.2021. The Ministry of Corporate Affairs had issued a notification on 24.03.2020, raising the minimum default amount to Rs. 1 crore. The NCLAT had ruled that this threshold applies to applications filed on or after 24.03.2020. The debt claimed in this application was less than Rs. 1 crore.

## Issues and analysis

### Issue 1: Whether the application under Section 9 of the IBC is maintainable before the Tribunal when the …

**Ratio:** The threshold limit for initiating CIRP under Section 9 of the IBC is Rs. 1 crore, as per

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**Reasoning:** The Tribunal reasoned that since the application was filed on 31.12.2021, and the debt

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**Interpretation:** The notification by the Ministry of Corporate Affairs raised the threshold for

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**Application:** In this case, the debt claimed was less than Rs. 1 crore, and the application

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## Parties

- **Judges:** Venkata Ramakrishn…; SH. VEERA BRAHMA…
- **Appellants:** M/s. Winttus…
- **Respondents:** M/s. Maiwir…

## Timeline

- **2020-03-24 — Notification by…**: Ministry of Corporate Affairs issued notification No. S.O. 1205 (E), specifying one crore…
- **2021-12-31 — Application…**: M/s. Winttus Formwork Pvt Ltd filed an application under Section 9 of the IBC against…

## 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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