# 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-02600. Jones Lang Lasalle Property Consultants (India) Pvt. Ltd. filed an application under Section 9…

- **Court:** NCLT
- **Order date:** 25 May 2022
- **Citation:** TCN-2022-NCLT-02600
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/srijan-realty-pvt-ltd-cp-ib-no-18-kb-2021-1c2d3bd1

## 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 (CIRP). The Operational Creditor (Jones Lang Lasalle) claimed that the Corporate Debtor (Srijan Realty) failed to pay outstanding dues for consultancy services related to a land transaction. The Corporate Debtor contested the claim, alleging defects in the petition and disputing the existence of debt.

## 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 land transaction involving ESAB India Limited. An agreement was executed between the Corporate Debtor and ESAB India Limited in March 2017 for the purchase of land. The Operational Creditor claims that it successfully completed its services, entitling it to a consultancy fee of Rs. 1,00,00,000/- plus taxes. An invoice dated 31st January 2018 for Rs. 1,18,00,000/- (inclusive of GST) was issued to the Corporate Debtor, with payment due on 2nd March 2018. The Corporate Debtor allegedly failed to pay the outstanding amount despite reminders. The Operational Creditor issued a notice under Section 8 of

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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 court found that the Operational Creditor had complied with the procedural

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

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

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## Parties

- **Judges:** RohitKa…; Harish Chander…
- **Appellants:** JONES LANG…
- **Respondents:** Srijan Realty…

## Timeline

- **2017-03-01 — Agreement Ex…**: Agreement executed between Corporate Debtor…
- **2017-12-22 — Fee Confirmati…**: Operational Creditor sent a fee…

## 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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