# In the matter of Vision Earthcare Private Limited CP (IB) No.1180-MB-IV-2020

> NCLT judgment dated 2023-06-06. Citation: TCN-2023-NCLT-03063. SPIK ENVIRO MANAGEMENT PRIVATE LIMITED, the Operational Creditor, filed a Company Petition…

- **Court:** NCLT
- **Order date:** 6 Jun 2023
- **Citation:** TCN-2023-NCLT-03063
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/vision-earthcare-private-limited-cp-ib-no1180-mb-iv-2020-5b271a42

## Summary

### Background

SPIK ENVIRO MANAGEMENT PRIVATE LIMITED, the Operational Creditor, filed a Company Petition under Section 9 of the Insolvency & Bankruptcy Code, 2016 (IBC), seeking initiation of Corporate Insolvency Resolution Process (CIRP) against VISION EARTHCARE PRIVATE LIMITED, the Corporate Debtor. The petition was filed on 18/08/2020, claiming Rs. 2,77,68,000/- as due. The Operational Creditor and Corporate Debtor had discussions regarding environmental pollution technology and business development. A MoU was entered into on 15.06.2018, where the Operational Creditor would facilitate acquiring projects for the Corporate Debtor. The Corporate Debtor received work orders but allegedly failed to pay the agreed amounts. A demand notice was issued on 23.07.2020.

## Facts

SPIK ENVIRO MANAGEMENT PRIVATE LIMITED (Operational Creditor) filed a petition against VISION EARTHCARE PRIVATE LIMITED (Corporate Debtor) under Section 9 of the IBC, claiming Rs. 2,77,68,000/-. The date of default was stated as 24.01.2019. The Operational Creditor and Corporate Debtor collaborated on environmental pollution technology. A MoU dated 15.06.2018 was signed, where the Operational Creditor would facilitate acquiring projects for the Corporate Debtor from Gujarat Water Supply & Sewerage Board (GWSSB). The Operational Creditor was to be compensated a 'Facilitation Fee' of Rs.2.5 Lakhs per MLD. An agreement was entered on 25.11.2018, appointing Mr. Chackravarthi D. Iyengar as whole-time director of the Corporate Debtor. The Corporate Debtor secured a

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## Issues and analysis

### Issue 1: Whether the petition filed by the Operational …

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

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**Reasoning:** The NCLT considered the documents and pleadings to determine if the requirements of

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**Interpretation:** Section 9 provides a mechanism for operational creditors to recover their dues

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**Application:** The NCLT found that a significant portion of the claimed debt was disputed, and

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## Parties

- **Judges:** Prabhat…; KISHORE VEMULAPALL…
- **Appellants:** SPIK ENVIRO…
- **Respondents:** VISION EARTHCARE…

## Timeline

- **2017-11-01 — Meeting between…**: Director of Corporate Debtor met Director of…
- **2018-04-01 — Discussions regarding…**: Directors of Operational Creditor and Corporate Debtor had detailed discussions regarding…

## 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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