In the matter of Masterly Kolkata Facility Maintenance Private Limited

National Company Law Tribunal18 April 2024

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

Ratio decidendi

The rule this decision rests on

Where an application under section 9 of the Insolvency and Bankruptcy Code, 2016 is pending and the operational creditor's claim has, during the pendency of the application, been reduced by payments received to a residual amount below the minimum threshold prescribed under section 4 of the Code, the application is to be dismissed, the Adjudicating Authority being satisfied that the default alleged no longer meets the threshold requirement for initiating the Corporate Insolvency Resolution Process.

Written by Miss Lucy from the judgment below, not taken from a headnote.

Judgment

As delivered

IN THE NATIONAL COMPANY LAW TRIBUNALKOLKATA BENCH, COURT No. IIKolkataCompany Petition (IB) No. 276/KB/2022An application under section 9 of the Insolvency andBankruptcy Code, 2016 read with rule 6 of the Insolvencyand Bankruptcy (Application to Adjudicating Authority)Rules, 2016.IN THE MATTER OF:Colliers International (India)Property Services PrivateLimited… Operational Creditor/ Applicant.VersusMasterly Kolkata FacilityMaintenance Private Limited… Corporate Debtor/ Respondent.Order pronounced on: 18/04/2024.CORAM:SMT BIDISHA BANERJEE, HON’BLE MEMBER (JUDICIAL)SHRI D. ARVIND, HON’BLE MEMBER (TECHNICAL)Appearances:For the Operational Creditor:For the Corporate Debtor:ORDERPer: D. Arvind, Member (Technical)1. The court congregated through a hybrid mode.2. This application has been preferred under section 9 of theInsolvency and Bankruptcy Code, 2016 (“Code”) by ColliersDIVISION BENCH, COURT NO. IIKOLKATACompany Petition (IB) No. 276/KB/2022International (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.3. The Total amount claimed to be in default is Rs1,46,88,796/- and the date of default is claimed on 13th June2022.4. The learned counsel of the applicant would submit that theOperational Creditor and Corporate Debtor executed propertyservice Management agreement on 30th January 2020 for providingproperty management and accordingly the Operational Creditorhas provided services to Corporate Debtor from 30 august 2019 to31 March 2022 to the tune of Rs 1,46,88,786/-.

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 1st April 2024 to the supplementary affidavit filed by Operational creditor admitted 1,39,25,920/- has been paid to Operational Creditor.

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 DIVISION BENCH, COURT NO. II KOLKATA Company Petition (IB) No. 276/KB/2022 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.

7. Thus, the present application is dismissed accordingly.

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

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

This Order is signed on 18/04/2024.

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

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