# Stanco Solutions Private Limited Vs Peel Works Private Limited

> NCLT judgment dated 2025-06-26. Citation: TCN-2025-NCLT-00744. Stanco Solutions Private Limited, the Operational Creditor, filed an application under Section…

- **Court:** NCLT
- **Order date:** 26 Jun 2025
- **Citation:** TCN-2025-NCLT-00744
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/stanco-solutions-private-limited-vs-peel-works-private-limited-326d95f9

## Summary

### Background

Stanco Solutions Private Limited, the Operational Creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Peel Works Private Limited, the Corporate Debtor (CD), due to unpaid operational debt. The Applicant provided staffing and payroll management services to the CD under a Service Agreement dated 01.09.2023. The CD failed to make payments for the services rendered, leading to the filing of the application.

## Facts

Stanco Solutions Private Limited (Operational Creditor) provided staffing and payroll management services to Peel Works Private Limited (Corporate Debtor) under a Service Agreement dated 01.09.2023. The Corporate Debtor defaulted on payments for these services. As of 10.07.2024, six invoices were outstanding, totaling Rs. 1,19,64,937. Additionally, interest for delayed payments on earlier invoices was not paid, amounting to Rs. 67,853.39, and interest on unpaid invoices till 10.07.2024 amounted to Rs. 7,05,931. The total default amount claimed by the Applicant was Rs. 1,27,38,722 as of 10.07.2024, inclusive of interest. The Operational Creditor issued a Demand Notice dated 10.07.2024, which the Corporate Debtor failed to respond to. The first date of default was

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## Issues and analysis

### Issue 1: Whether the application under Section 9 of the Insolvency and Bankruptcy Code, 2016 is maintainable …

**Ratio:** Even if there is an Arbitration Clause, Application for initiation of insolvency under

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**Reasoning:** The Tribunal relied on the NCLAT's decision in [Company Appeal (AT) (Insolvency) No. 802

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**Interpretation:** The presence of an arbitration clause in the agreement between the operational

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**Application:** The Corporate Debtor's contention that the application was not maintainable due

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## Parties

- **Judges:** NILESH S…; SAMEER…
- **Appellants:** Stanco Solutions…
- **Respondents:** Peel Works…

## Timeline

- **2023-09-01 — Service Agr…**: Service Agreement executed between Stanco Solutions Private Limited and Peel Works…
- **2023-11-09 — First Invoi…**: First of the 18 tax invoices issued…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 5(21) — Definitions](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-5)

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