# In the matter of Tanish Nirmiti LLP

> NCLT judgment dated 2023-07-31. Citation: TCN-2023-NCLT-02256. The case involves an application filed by Indiabulls Distribution Services Limited, the…

- **Court:** NCLT
- **Order date:** 31 Jul 2023
- **Citation:** TCN-2023-NCLT-02256
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/tanish-nirmiti-llp-07d50e3a

## Summary

### Background

The case involves an application filed by Indiabulls Distribution Services Limited, the Operational Creditor, under Section 9 of the Insolvency & Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against Tanish Nirmiti LLP, the Corporate Debtor. The Operational Creditor claimed a total outstanding amount of Rs.13,60,073/- along with 18% interest p.a. The Corporate Debtor had authorized the Operational Creditor to act as a marketing representative for a real estate project named "Falcon".

## Facts

Indiabulls Distribution Services Limited (Operational Creditor) filed an application under Section 9 of the Insolvency & Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Tanish Nirmiti LLP (Corporate Debtor). The Operational Creditor claimed an outstanding amount of Rs.13,60,073/- with 18% interest p.a. The Corporate Debtor and Operational Creditor entered into an agreement on 29.08.2016, where the Corporate Debtor authorized the Operational Creditor to act as a marketing representative for the real estate project "Falcon". The Operational Creditor sold 4 flats/units and raised invoices amounting to Rs.11,82,670/-. The Corporate Debtor acknowledged the sale of flats and its liability to pay. The Corporate Debtor

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## Issues and analysis

### Issue 1: Whether there has been an operational debt and …

**Ratio:** The existence of an operational debt and default is a prerequisite for admitting an

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**Reasoning:** The Corporate Debtor entered into an agreement with the Operational Creditor, authorizing

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**Interpretation:** The term 'operational debt' includes a claim in respect of the provision of

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**Application:** The Corporate Debtor's failure to pay the outstanding amount to the Operational

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## Parties

- **Judges:** Kuldip Kumar…; ANURADHA SANJAY…
- **Appellants:** INDIABULLS…
- **Respondents:** TANISH NIRM…

## Timeline

- **2016-08-29 — Agreement between Operational Creditor and…**: The Operational Creditor and the Corporate Debtor entered into an Arrangement vide an…
- **2017-03-11 — Corporate Debtor…**: The Corporate Debtor, vide its letter dated 11.03.2017, acknowledged the sale of 04…

## 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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