# In the matter of Tranzlease Holdings (India) Private Limited

> NCLT judgment dated 2024-12-04. Citation: TCN-2024-NCLT-00099. This case involves an application filed by Hari Prakash Kaushik, an Operational Creditor (OC),…

- **Court:** NCLT
- **Order date:** 4 Dec 2024
- **Citation:** TCN-2024-NCLT-00099
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/tranzlease-holdings-india-private-limited-615e8337

## Summary

### Background

This case involves an application filed by Hari Prakash Kaushik, an Operational Creditor (OC), under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC), to initiate Corporate Insolvency Resolution Process (CIRP) against TranzLease Holdings (India) Private Limited, the Corporate Debtor (CD). The OC claims that the CD defaulted on an operational debt of Rs. 1,36,28,033/-. The OC was previously employed by the CD and claims unpaid salary, Fixed Performance Bonus (FPB), and gratuity. The CD acknowledged the dues but expressed inability to pay due to financial difficulties.

## Facts

Hari Prakash Kaushik, the Operational Creditor (OC), filed an application under Section 9 of the IBC to initiate CIRP against TranzLease Holdings (India) Private Limited, the Corporate Debtor (CD). The OC claimed an operational debt of Rs. 1,36,28,033/-, comprising unpaid salary, Fixed Performance Bonus (FPB), and gratuity for the period from 14.12.2013 to 31.05.2022. The OC was initially appointed as Vice President of the CD on 05.09.2006 and later promoted to President & COO on 14.11.2012. The CD defaulted on paying the FPB starting 14.12.2013. The OC also extended a loan of Rs. 25,00,000/- to the CD, with Rs. 11,73,206/- remaining unpaid. The OC resigned on 30.05.2022 due to the CD's liquidity crises. The OC issued a Demand Notice on 10.06.2022. The CD

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## Issues and analysis

### Issue 1: Whether the application filed by the Operational Creditor (OC) under Section 9 of the Insolvency …

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

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**Reasoning:** The court perused the documents and found that the OC had demonstrated the existence of

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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 OC had a

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## Parties

- **Judges:** K. R. SAJI…; SANJIV…
- **Appellants:** Hari Prakash…
- **Respondents:** Tranzlease…

## Timeline

- **2006-09-05 — Appointment…**: Hari Prakash Kaushik was appointed as Vice…
- **2012-11-14 — Promotion…**: Hari Prakash Kaushik was promoted as President and Chief Operating Officer (COO) of the…

## 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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