# In the matter of SRK Constructions and Projects Private Limited

> NCLT judgment dated 2023-03-13. Citation: TCN-2023-NCLT-04265. APS Hydro Private Limited, an operational creditor, filed a petition under Section 9 of the…

- **Court:** NCLT
- **Order date:** 13 Mar 2023
- **Citation:** TCN-2023-NCLT-04265
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/srk-constructions-and-projects-private-limited-62dff66f

## Summary

### Background

APS Hydro Private Limited, an operational creditor, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against SRK Constructions and Projects Private Limited, the corporate debtor, for failing to discharge a debt of Rs. 114,66,18,008/-. The debt arose from subcontracted work orders for rehabilitation and upgradation of highway projects. The operational creditor claimed to have successfully completed the work as per the agreements and raised invoices amounting to Rs. 228,94,80,577/-, out of which Rs. 97,27,91,633/- remained unpaid. The corporate debtor contested the application, alleging that the operational creditor had breached the terms of the work orders, failed to

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## Facts

APS Hydro Private Limited (Operational Creditor) filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, against SRK Constructions and Projects Private Limited (Corporate Debtor). The claim was for Rs. 114,66,18,008/-, including a principal amount of Rs. 97,27,91,633/- and interest, arising from subcontracted work orders for highway projects. The Operational Creditor claimed to have completed the work as per the agreements and raised invoices amounting to Rs. 228,94,80,577/-, but the Corporate Debtor failed to pay the outstanding amount. The Corporate Debtor argued that the Operational Creditor breached the terms of the work orders, failed to complete the projects on time, and caused damages to its plant and machinery. The Corporate Debtor also

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## Issues and analysis

### Issue 1: Whether there is a pre-existing dispute between the parties before the receipt of the demand notice …

**Ratio:** The existence of a pre-existing dispute between the parties prior to the issuance of the

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**Reasoning:** The NCLT reasoned that the Corporate Debtor had issued a legal notice on 06.10.2020,

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**Interpretation:** The interpretation of 'pre-existing dispute' is crucial in determining the

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**Application:** In this case, the NCLT applied the ratio by examining the legal notice issued

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## Parties

- **Judges:** DR.VENKATA…; Satya Ranjan…
- **Appellants:** APS Hydro P…
- **Respondents:** SRK Constructions…; SRK Constructions…

## Timeline

- **2020-10-06 — Legal Notice by…**: Corporate Debtor issued a legal notice to the Operational Creditor, raising disputes…
- **2021-08-04 — Demand Notice by…**: Operational Creditor issued a demand notice to the Corporate Debtor, demanding payment of…

## 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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