# In the matter of Valmar Projects LLP

> NCLT judgment dated 2025-01-29. Citation: TCN-2025-NCLT-00565. 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-00565
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/valmar-projects-llp-cee81b68

## 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/Petitioner) filed a petition under Section 9 of the Insolvency and Bankruptcy Code (IBC) against M/s. Valmar Projects LLP (Corporate Debtor/Respondent) for an alleged default of Rs. 5,69,65,755. The petitioner and respondent entered into a Facilities Service Agreement (FSA) on 23rd February 2022 and a Catering Service Agreement (CSA) on 16th March 2022. The petitioner raised invoices for services rendered from April 2022 to May 2023, and the respondent made partial payments. The petitioner alleged that the respondent violated the agreement by failing to clear invoice amounts within the stipulated time, raising the issue via email on 12.10.2022. The respondent admitted dues and provided a ledger account statement

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## Issues and analysis

### Issue 1: Whether the Petitioner's claim qualifies under Section 9 of the Insolvency and Bankruptcy Code, …

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

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**Reasoning:** The court reasoned that the respondent had consistently raised complaints about the

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**Interpretation:** The existence of a pre-existing dispute, as defined under the IBC, precludes

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**Application:** In this case, the respondent's complaints regarding the petitioner's services,

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## Parties

- **Judges:** Rajeev Bh…; Sanjay…
- **Appellants:** Isthara Parks Pvt…
- **Respondents:** Valmar Projects…

## Timeline

- **2022-02-23 — Facilities Service…**: Petitioner and Respondent entered into a…
- **2022-03-16 — Catering Service…**: Petitioner and Respondent entered into…

## 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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