In the matter of Jasmine Buildmart Private Limited [IB-1941-ND-2019]
Case brief
What is this about?
The NCLAT New Delhi Bench admitted a Section 9 application to initiate CIRP against Jasmine Buildmart Private Limited. The court held the debt was operational, rejected the defense of pre-existing disputes for lack of evidence prior to the notice, and appointed an Interim Resolution Professional while declaring a moratorium.
What did the court decide?
CIRP initiated against Corporate Debtor, Mr. Devvart Rana appointed as Interim Resolution Professional, Section 14 moratorium declared, initial finance of Rs. 2,00,000 directed to IRP.
What the court decided
1
THE NATIONAL COMPANY LAW TRIBUNAL NEW DELHI BENCH COURT- III
IB-1941/ND/2019
U/S. 9 of the IBC, 2016 and Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority), Rule, 2016.
IN THE MATTER OF:
M/s. AHLUWALIA CONTRACTS (INDIA) LIMITED Registered Office: - A-177, Okhla Industrial Area, Phase – I, New Delhi - 110020
……Operational Creditor
Versus
M/s. JASMINE BUILDMART PRIVATE LIMITED Registered Office: - 406, 4th Floor, Elegance Tower 8, Jasola District, New Delhi – 110025
…… Corporate Debtor
Delivered on: - 05.03.2024
Coram:
Issues for consideration
3 issues framed by the court
Whether the claim arising from a settlement agreement and work order qualifies as an operational debt under Section 9 of the IBC, 2016.
Whether a pre-existing dispute existed before the issuance of the Section 8 demand notice.
Whether the filing of a claim in another CIRP affects the maintainability of the current Section 9 application.
Parties & counsel
- applicant
M/s. Ahluwalia Contracts (India) Limited
- respondent
M/s. Jasmine Buildmart Private Limited
Coram
Bachu Venkat Balaram Das
Case details
As recorded by the court registry
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