# In the matter of CBRE South Asia Pvt. Ltd.

> NCLT judgment dated 2025-08-05. Citation: TCN-2025-NCLT-01260. Invoice Discounters of Adaptio Facility Management Pvt Ltd, through Mr. Arunava Ghosh, filed a…

- **Court:** NCLT
- **Order date:** 5 Aug 2025
- **Citation:** TCN-2025-NCLT-01260
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-new-delhi/cbre-south-asia-pvt-ltd-30b58e37

## Summary

### Background

Invoice Discounters of Adaptio Facility Management Pvt Ltd, through Mr. Arunava Ghosh, filed a Company Petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of CIRP against M/s CBRE South Asia Pvt. Ltd. The claim is based on unpaid invoices for services rendered by Adaptio to CBRE.

## Facts

Invoice Discounters of Adaptio Facility Management Pvt Ltd filed a petition under Section 9 of the IBC against M/s CBRE South Asia Pvt. Ltd.

The claim is for Rs. 1,08,82,770.32 based on unpaid invoices.

Adaptio Facility Management Pvt Ltd rendered services to CBRE.

Invoice discounting was done through the KredX platform operated by Minions Ventures Pvt. Ltd.

CBRE argued that the application was an instance of forum shopping due to a pending proceeding in Chennai.

CBRE claimed a pre-existing dispute existed due to a breach of the Service Agreement by Adaptio.

CBRE contended that the application did not meet the threshold limit under Section 4 of the IBC.

The GST registration of Adaptio was cancelled suo motu with effect from 31.01.2023.

…

## Issues and analysis

### Issue 1: Whether the application under Section 9 of IBC is maintainable when multiple operational creditors …

**Ratio:** Section 7 expressly permits a joint application by multiple Financial Creditors, but no

…

**Reasoning:** The legislative design is premised on the unique nature of financial debt, which is often

…

**Interpretation:** While pooling of debts is statutorily recognised under Section 7, such pooling

…

**Application:** In the present case, the financiers have not filed separate notices under

…

## Parties

- **Judges:** MANNI SANKARIAH…; ATUL CHAT…
- **Appellants:** Invoice Discounter…; Arunava…
- **Respondents:** M/s CBRE South…
- **Other parties:** Santhi Obbi…; Bangaru Raju…; +9 more
- **Advocates:** Siddhant J…; Abhishek…; +2 more

## Timeline

- **05.08.2025 — Pronounceme…**: Order pronounced on…
- **15.06.1999 — Incorporation Date of…**: The Corporate Debtor was…

## 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)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-new-delhi/cbre-south-asia-pvt-ltd-30b58e37