# In the matter of Valmar Projects LLP

> NCLT judgment dated 2025-01-29. Citation: TCN-2025-NCLT-00558. M/s. Isthara Parks Private Limited, an operational creditor, filed a petition under Section 9…

- **Court:** NCLT
- **Order date:** 29 Jan 2025
- **Citation:** TCN-2025-NCLT-00558
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/valmar-projects-llp-a13b790f

## Summary

### Background

M/s. Isthara Parks Private Limited, an operational creditor, filed a petition under Section 9 of the Insolvency and Bankruptcy Code (IBC) against M/s. Valmar Projects LLP, the corporate debtor, for alleged default in payment of debt amounting to Rs. 5,69,65,755/-. The petitioner and respondent entered into a Facilities Service Agreement (FSA) and a Catering Service Agreement (CSA). The petitioner claimed that the respondent violated the agreement by failing to clear invoice amounts within the stipulated time. The respondent, however, contended that there was a pre-existing dispute regarding the quality of services provided by the petitioner.

## Facts

M/s. Isthara Parks Private Limited (Operational Creditor) and M/s. Valmar Projects LLP (Corporate Debtor) entered into a Facilities Service Agreement (FSA) on 23rd February 2022 and a Catering Service Agreement (CSA) on 16th March 2022. Isthara Parks Private Limited is engaged in operating hostel facilities, providing catering and food services. Valmar Projects LLP operates in the business of maintaining, managing, supporting, and servicing educational services. Isthara Parks Private Limited raised invoices for services rendered from April 2022 to May 2023, but Valmar Projects LLP allegedly failed to clear the invoice amounts within the stipulated time. Isthara Parks Private Limited claimed a total amount of Rs. 5,69,65,755/-, including principal and interest, as of

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## Issues and analysis

### Issue 1: Whether a pre-existing dispute existed between the operational creditor and the corporate debtor …

**Ratio:** Section 9(5)(ii)(d) of the Insolvency and Bankruptcy Code, 2016 mandates that the

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**Reasoning:** The court relied on the decisions in Mobilox Innovations Private Limited vs. Kirusa

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**Interpretation:** The existence of a genuine pre-existing dispute is a bar to the admission of an

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**Application:** In this case, the court found that the respondent had consistently raised

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## Parties

- **Judges:** Rajeev Bh…; Sanjay…
- **Appellants:** M/s.Isthara Parks…
- **Respondents:** M/s.Valmar…

## Timeline

- **2022-02-23 — Facilities Service…**: The Petitioner entered into a Facilities Service Agreement (FSA) with the Respondent for…
- **2022-03-16 — Catering Service…**: A Catering Service Agreement (CSA) was executed with the Respondent for providing food…

## 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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