# In the matter of Tridhaatu Builders LLP CP (IB) No.388-MB-IV-2022

> NCLT judgment dated 2023-03-29. Citation: TCN-2023-NCLT-03991. The case involves a petition filed by Mr. J.K Shah and Anr. (Operational Creditor) under…

- **Court:** NCLT
- **Order date:** 29 Mar 2023
- **Citation:** TCN-2023-NCLT-03991
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/tridhaatu-builders-llp-cp-ib-no388-mb-iv-2022-a3721ed5

## Summary

### Background

The case involves a petition filed by Mr. J.K Shah and Anr. (Operational Creditor) under Section 9 of the Insolvency & Bankruptcy Code, 2016 (IBC), seeking initiation of Corporate Insolvency Resolution Process (CIRP) against Tridhaatu Builders LLP (Corporate Debtor). The petition was filed on 07.02.2022, claiming an amount of Rs. 2,79,96,079/-, including interest up to 31.01.2022. The debt arose from a transaction for the purchase of a residential flat. The Operational Creditor had filed a complaint with MAHARERA for a refund due to the Corporate Debtor's failure to complete the project. The parties then amicably settled the dispute and executed consent terms, which were filed with MAHARERA. The Corporate Debtor issued a cheque that was dishonored.

## Facts

Mr. J.K Shah and Anr. (Operational Creditor) filed a petition under Section 9 of the Insolvency & Bankruptcy Code, 2016 (IBC) to initiate Corporate Insolvency Resolution Process (CIRP) against Tridhaatu Builders LLP (Corporate Debtor). The petition was filed on 07.02.2022, claiming Rs. 2,79,96,079/- including interest up to 31.01.2022. The debt arose from a transaction for the purchase of a Residential Flat No. 801. An agreement for sale was executed on 31.03.2019, followed by a Registered Deed of Rectification on 25.04.2019. The total consideration was Rs. 3,05,00,000/-. The Corporate Debtor failed to complete the project, leading the Operational Creditor to file a complaint with MAHARERA. The parties amicably settled the dispute by executing Consent Terms dated

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## Issues and analysis

### Issue 1: Whether the debt claimed by the Operational Creditor qualifies as an 'Operational Debt' under …

**Ratio:** The nature of the decree depends on the nature of the transaction from which the decretal

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**Reasoning:** The court reasoned that the debt did not arise from the provision of goods or services or

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**Interpretation:** The court interpreted Section 5(21) of the IBC to mean that an operational debt

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**Application:** The court applied the ratio to the facts of the case, noting that the debt

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## Parties

- **Judges:** Prabhat…; KISHORE VEMULAPALL…
- **Appellants:** J.K S…
- **Respondents:** Tridhaatu…; Ruchi M…

## Timeline

- **2019-03-31 — Agreement f…**: The Corporate Debtor and Operational Creditors executed an agreement for the sale of a…
- **2019-04-25 — Deed of Recti…**: A Registered Deed of Rectification was…

## 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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