# MKHS Housing LLP vs. Shivalay Infracon Private Limited

> NCLT judgment dated 2026-08-10. Citation: TCN-2026-NCLT-00843. MKHS Housing LLP, an operational creditor, filed a Section 9 IBC application against Shivalay…

- **Court:** NCLT
- **Order date:** 10 Aug 2026
- **Citation:** TCN-2026-NCLT-00843
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-kolkata/mkhs-housing-llp-vs-shivalay-infracon-private-limited-qrdc4

## Summary

### Background

MKHS Housing LLP, an operational creditor, filed a Section 9 IBC application against Shivalay Infracon Private Limited, the corporate debtor, for an alleged default of Rs. 11,13,39,348/- for materials supplied. The corporate debtor had previously acknowledged the liability and attempted to convert the operational debt into a loan, leading to a prior Section 7 application which was withdrawn as operational debt cannot be re-characterized as financial debt.

## Facts

MKHS Housing LLP (Applicant/Operational Creditor) filed a Company Petition under Section 9 of the IBC, 2016.

The petition seeks initiation of CIRP against Shivalay Infracon Private Limited (Respondent/Corporate Debtor).

The alleged default is Rs. 11,13,39,348/-, calculated up to 06.08.2025, for the supply of materials.

Mr. Srikant Sikaria, a Designated Partner of MKHS Housing LLP, was authorized to submit the application.

The Corporate Debtor approached the Applicant for material supply, which was provided, leading to payment becoming due.

Letters acknowledging the debt were dated 07.06.2023 and 07.01.2024.

On 02.05.2023, an agreement was executed where the Corporate Debtor acknowledged liability and sought to convert the operational debt to a loan.

…

## Issues and analysis

### Issue 1: Whether the present Company Petition, C.P. (I.B.) No. 102/KB/2026, filed by the Operational …

**Ratio:** An application under Section 9 of the IBC is maintainable if there is an operational

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**Reasoning:** MKHS Housing LLP supplied materials to Shivalay Infracon Private Limited, creating an

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**Interpretation:** Section 3(11) defines "debt" to include operational debt, and Section

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**Application:** The Applicant successfully demonstrated an operational debt and a default

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## Parties

- **Judges:** Shri. Labh…; Rekha Kantilal…
- **Appellants:** MKHS Housi…
- **Respondents:** Shivalay Infracon…
- **Other parties:** Chandra Kum…
- **Advocates:** Rashmi Si…; Supriya H…

## Timeline

- **2023-04-21 — Board Resolution for…**: Applicant's Board Resolution passed at a meeting of partners, agreeing to convert the…
- **2023-05-02 — Debt Conversion…**: An agreement was executed between the parties, where the Corporate Debtor acknowledged…

## 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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