Dismissed

In the matter of Masterly Kolkata Facility Maintenance Private Limited [Company Petition (Ib) No. 276/KB/2022]

NCLT18 Apr 2024Company Petition (IB) No. 276/KB/2022

Case brief

AI extract

What is this about?

This tribunal dismissed an application for initiating the Corporate Insolvency Resolution Process. The applicant claimed an operational debt of approximately Rs 1.46 crores, but subsequent affidavits confirmed partial payments leaving a balance below the requisite threshold of Rs 1 lakh under the Insolvency and Bankruptcy Code.

What the court decided

AI extract

In the matter of Masterly Kolkata Facility Maintenance… — Insolvency and Bankruptcy | NCLT (2024)

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IN THE NATIONAL COMPANY LAW TRIBUNAL KOLKATA BENCH, COURT No. II Kolkata

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Company Petition (IB) No. 276/KB/2022

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An application under section 9 of the Insolvency and Bankruptcy Code, 2016 read with rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016.

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IN THE MATTER OF: Colliers International (India) Property Services Private

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Limited

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… Operational Creditor/ Applicant.

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Versus

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Masterly Kolkata Facility

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Maintenance Private Limited

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… Corporate Debtor/ Respondent.

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Order pronounced on: 18/04/2024.

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CORAM:

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SMT BIDISHA BANERJEE, HON’BLE MEMBER (JUDICIAL) SHRI D. ARVIND, HON’BLE MEMBER (TECHNICAL)

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Appearances: For the Operational Creditor: For the Corporate Debtor:

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ORDER

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Per: D. Arvind, Member (Technical)

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1. The court congregated through a hybrid mode.

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2. This application has been preferred under section 9 of the Insolvency and Bankruptcy Code, 2016 (“Code”) by Colliers

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IN THE NATIONAL COMPANY LAW TRIBUNAL DIVISION BENCH, COURT NO. II KOLKATA

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Company Petition (IB) No. 276/KB/2022

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International (India) Property Services Private Limited, hereinafter referred to as “Applicant”/ “Operational Creditor” against Masterly Kolkata Facility Maintenance Private Limited , hereinafter referred to as “Respondent”/ “Corporate Debtor” seeking to commence the Corporate Insolvency Resolution Process, for brevity “CIRP” in respect of the Corporate Debtor herein .

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3. The Total amount claimed to be in default is Rs 1,46,88,796/- and the date of default is claimed on 13^th June 2022 .

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4. The learned counsel of the applicant would submit that the Operational Creditor and Corporate Debtor executed property service Management agreement on 30^th January 2020 for providing property management and accordingly the Operational Creditor has provided services to Corporate Debtor from 30 august 2019 to 31 March 2022 to the tune of Rs 1,46,88,786/-.

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5. During the course of pendency of the matter, the Operational Creditor has filed supplementary affidavit dated 22 February 2024 wherein the Operational Creditor has admitted that Corporate Debtor has made payment to the tune of Rs. 1,39,25,920/ Further, the Corporate Debtor through reply affidavit dated 1^st April 2024 to the supplementary affidavit filed by Operational creditor admitted 1,39,25,920/- has been paid to Operational Creditor.

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6. It is evident that the Operational Creditor has made a claim of Rs 1,46,88,796/- under this application. In the interregnum payment has been made to the tune of Rs 1,39,25,920/- to the

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IN THE NATIONAL COMPANY LAW TRIBUNAL DIVISION BENCH, COURT NO. II KOLKATA

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Company Petition (IB) No. 276/KB/2022

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Operational Creditor. Hence, only Rs 7,62,866/- remaining payable to the Operational Creditor. Thus, the remaining balance is below the threshold limit as prescribed under 4 of the IBC.

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7. Thus, the present application is dismissed accordingly.

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8. A certified copy of this order may be issued, if applied for with the Registry, upon compliance with requisite formalities.

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D. Arvind Bidisha Banerjee Member (Technical) Member (Judicial)

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This Order is signed on 18/04/2024.

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Bose, R.K (LRA) and N.K.S (LRA)

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