Case Law Details
Ashimara Housing Private limited Vs Vibrus Homes Private Limited (NCLT Delhi)
Facts- An amount of Rs. 32,43,000/- was paid as an advance to the Corporate Debtor by the Operational Creditor. This deposit is towards the advance licence fee. By filing this application, the Petitioner has claimed that since the amount was not refunded, therefore, there is a default in payment of the amount, which comes under the definition of the Operational Debt. Whereas the contention of the Corporate Debtor is that the amount deposited by the Petitioner do not come under the definition of Operational Debt, hence the present application is not maintainable.
Conclusion- We consider the prayer of the applicant in terms of Section 9 (5)(i). then it is seen that the application filed by the applicant is complete, there is no payment of unpaid operational debt or the invoices, notice for payment to the Corporate Debtor has been duly delivered by the Operational Creditor and no notice of dispute has been received by the Operational Creditor or there is no record of dispute. So far the 5th condition is concerned; the applicant has not proposed the name of the IRP rather he has prayed for appointment as the Insolvency Professional. Therefore, we are of the considered view that the applicant has fulfilled all the criteria as required under Section 9 (5) (i) of the IBC. Hence, we have no option but to admit the application.
FULL TEXT OF THE NCLT DELHI ORDER
The present petition is filed under Section 9 of Insolvency and Bankruptcy Code, 2016 read with Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rule,2016 by the Applicant/ operational creditor, i.e. “Ashimara Housing Private Limited ” for initiation of Corporate Insolvency Resolution Process against the Respondent/ Corporate Debtor Company “Vibrus Homes Private Limited”.
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