# In the matter of Srijan Realty Pvt. Ltd. C.P. (IB) No. 18-KB-2021

> NCLT judgment dated 2022-05-25. Citation: TCN-2022-NCLT-02615. Jones Lang Lasalle property Consultants ( India ) Pvt. Ltd. filed an application under Section…

- **Court:** NCLT
- **Order date:** 25 May 2022
- **Citation:** TCN-2022-NCLT-02615
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/srijan-realty-pvt-ltd-cp-ib-no-18-kb-2021-0fe2b73c

## Summary

### Background

Jones Lang Lasalle property Consultants ( India ) Pvt. Ltd. filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Srijan Realty Pvt. Ltd., seeking initiation of corporate insolvency resolution process. The Operational Creditor claimed that the Corporate Debtor had engaged them for an outright transaction of a commercial property, and a consultancy fee was agreed upon. After the successful completion of the transaction, an invoice was raised, but the Corporate Debtor failed to make the payment.

## Facts

Jones Lang Lasalle property Consultants (India) Pvt. Ltd. (Operational Creditor) provided real estate consulting services to Srijan Realty Pvt. Ltd. (Corporate Debtor) for a commercial property transaction. The Corporate Debtor engaged the Operational Creditor for an outright transaction of a commercial property in North 24 Parganas. An agreement was executed between the Corporate Debtor and ESAB India Limited in March 2017 for the purchase of land measuring 9.83 acres. The Operational Creditor issued a fee confirmation and Revenue Recognition letter to the Corporate Debtor on 22.12.2017, stating that they had satisfactorily completed all its services and were entitled to Rs.1,00,00,000/- plus taxes. An invoice dated 31st January, 2018, for Rs.1,18,00,000/- inclusive

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## Issues and analysis

### Issue 1: Whether the application filed by the Operational Creditor under Section 9 of the Insolvency & …

**Ratio:** Section 9 of the Insolvency and Bankruptcy Code, 2016 allows an operational creditor to

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**Reasoning:** The Adjudicating Authority found that the Operational Creditor had complied with all the

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

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**Application:** The Adjudicating Authority applied the provisions of Section 9 to the facts of

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## Parties

- **Judges:** Rohit K…; Harish Chander…; +1 more
- **Appellants:** Jones Lang…
- **Respondents:** Srijan Realty…

## Timeline

- **2017-03-01 — Agreement Ex…**: Agreement executed between the Corporate Debtor and ESAB India Limited for the purchase…
- **2017-12-22 — Fee Confirmati…**: Operational Creditor issued a fee confirmation and Revenue Recognition letter to the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 8 — Insolvency resolution by operational creditor](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-8)

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