# In the matter of Vijeta Projects & Infrastructures Limited

> NCLT judgment dated 2023-11-17. Citation: TCN-2023-NCLT-00730. The case involves an application under Section 9 of the Insolvency and Bankruptcy Code, 2016,…

- **Court:** NCLT
- **Order date:** 17 Nov 2023
- **Citation:** TCN-2023-NCLT-00730
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/vijeta-projects-infrastructures-limited-776271c6

## Summary

### Background

The case involves an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, filed by Sri Dinesh Kumar Bihani (Operational Creditor) to initiate Corporate Insolvency Resolution Process (CIRP) against Vijeta Projects & Infrastructures Limited (Corporate Debtor). The Operational Creditor claimed that the Corporate Debtor defaulted on payments for the supply of TMT Bars, TMT Coils, and G.P. Coils. The Corporate Debtor acknowledged the debt but expressed inability to pay the interest component.

## Facts

Sri Dinesh Kumar Bihani, the Operational Creditor, filed an application under Section 9 of the IBC to initiate CIRP against Vijeta Projects & Infrastructures Limited, the Corporate Debtor. The Operational Creditor supplied TMT Bars, TMT Coils, and G.P. Coils to the Corporate Debtor. The Corporate Debtor made verbal enquiries for the supply of goods. The Operational Creditor raised invoices for the supplied goods during the period 2018-05-21 to 2018-06-13, which included interest at 24% per annum. The Corporate Debtor made a payment of Rs. 20 lakhs on 2019-07-17 but failed to make further payments. The Operational Creditor issued a notice under Section 8 of the IBC on 2021-04-14, which was received by the Corporate Debtor on 2021-04-20. The total amount due was Rs.

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## Issues and analysis

### Issue 1: Whether the application under Section 9 of the IBC can be admitted when the default is only towards …

**Ratio:** The principal amount having been repaid, the petition cannot be maintained only for

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**Reasoning:** The court relied on precedents and held that the interest component cannot be clubbed

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**Interpretation:** Section 9 of the IBC requires a minimum threshold of debt for initiating CIRP.

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**Application:** In this case, the principal amount was already repaid, and the remaining amount

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## Parties

- **Judges:** BIDISHA BA…; ARVIND DEVA…
- **Appellants:** Dinesh Kumar…
- **Respondents:** Vijeta Projects &…

## Timeline

- **2018-05-21 — Invoice Perio…**: Start date of the period during which the Operational Creditor raised invoices for the…
- **2018-06-13 — Invoice Per…**: End date of the period during which the Operational Creditor raised invoices for 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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