# In the matter of Tarun Realtors Private Limited

> NCLT judgment dated 2023-07-20. Citation: TCN-2023-NCLT-02407. Ace Enviro Tech Private Limited filed a petition under Section 9 of the Insolvency and…

- **Court:** NCLT
- **Order date:** 20 Jul 2023
- **Citation:** TCN-2023-NCLT-02407
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/tarun-realtors-private-limited-4d6dd0fc

## Summary

### Background

Ace Enviro Tech Private Limited filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Tarun Realtors Private Limited, alleging a default of Rs. 5,19,48,628/-. The operational creditor, Ace Enviro Tech, provided HVAC and waterproofing services to the corporate debtor, Tarun Realtors. The corporate debtor acknowledged the services and invoices but failed to make the payments.

## Facts

Ace Enviro Tech Private Limited (Operational Creditor) provided HVAC (Heating, Ventilation & Air Conditioning) and Waterproofing Services to Tarun Realtors Private Limited (Corporate Debtor). The total outstanding amount due to the Operational Creditor as of 15.02.2020 was Rs. 4,83,36,008/-. The Corporate Debtor issued Work Order No. 113 dated 23.08.2017 and Work Order No. 233 dated 02.08.2018 to the Petitioner for HVAC works at Mantri Arena Mall. The Petitioner executed the works by January 2020 and raised invoices, which were acknowledged by the Respondent. The date of default is 15.02.2020. The Petitioner issued a demand notice in Form 3 dated 15.03.2020 and Form 4. The total default amount is Rs. 5,19,48,628/-, inclusive of interest. The Respondent acknowledged

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## Issues and analysis

### Issue 1: Whether the petition filed by the Operational Creditor under Section 9 of the IBC, 2016 is …

**Ratio:** Section 9 of the IBC, 2016 allows an operational creditor to initiate CIRP against a

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**Reasoning:** The adjudicating authority considered the documents and arguments presented by both

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**Interpretation:** Section 9 of the IBC, 2016 provides the procedure and conditions for an

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**Application:** The adjudicating authority applied Section 9 of the IBC, 2016 to the facts of

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## Parties

- **Judges:** T. Krishn…; Manoj Kumar…
- **Appellants:** Ace Enviro Tech…
- **Respondents:** TARUN REALTORS…

## Timeline

- **2017-08-23 — Work Order…**: Tarun Realtors issued Work Order…
- **2018-08-02 — Work Order…**: Tarun Realtors issued Work Order…

## 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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