JUDGMENT :

Dhananjaya Y Chandrachud, J.

This judgment has been divided into the following sections to facilitate analysis:

A The Appeal

B Factual Background

C Submissions of counsel

D Whether the appellant is an operational creditor

D.1 Statutory Provisions

D.2 Legislative History

D.3 Judicial Precedent

D.4 Analysis

E Evidentiary value of respondent’s MOA

F Whether the application under Section 9 is barred by limitation

G Conclusion

A The Appeal

1. The present appeal under Section 62 of the Insolvency and Bankruptcy Code 2016¹[“IBC”] arises from a judgment and order dated 12 December 2019 of the National Company Law Appellate Tribunal²[“NCLAT”] by which it reversed the decision of the National Company Law Tribunal, Chennai³[“NCLT”] dated 6 December 2018.

2. By its judgment and order dated 6 December 2018, the NCLT admitted an application⁴[CP/708/(IB)/CB/2017] filed by the appellant, Consolidated Construction Consortium Limited⁵[“Appellant”/“Operational Creditor”], under Section 9 of the IBC for the initiation of the Corporate Insolvency Resolution Process⁶[“CIRP”] against the respondent, Hit