SL. No.3

NATIONAL COMPANY LAW TRIBUNAL

HYDERABAD BENCH

COURT HALL NO: II

Hearing Through: VC and Physical (Hybrid) Mode

CORAM: SHRI. RAJEEV BHARDWAJ – HON’BLE MEMBER (J)

CORAM: SHRI. SANJAY PURI - HON’BLE MEMBER (T)

ATTENDANCE-CUM-ORDER SHEET OF THE HEARING OF NATIONAL COMPANY LAW TRIBUNAL,

HYDERABAD BENCH, HELD ON 29.01.2025 at 10:30 AM

TRANSFER PETITION NO.

COMPANY PETITION/APPLICATION NO. Company Petition (IB)/216/9/HDB/2023

NAME OF THE COMPANY Valmar Projects LLP NAME OF THE PETITIONER(S) Isthara Parks Pvt Ltd NAME OF THE RESPONDENT(S) Valmar Projects LLP

UNDER SECTION 9 OF IBC

ORDER

Orders pronounced, recorded vide separate sheets, in the Company Petition

(IB)/216/9/HDB/2023 is dismissed.

Sd/- Sd/-

MEMBER (T) MEMBER (J)

Vamsi

IN THE NATIONAL COMPANY LAW TRIBUNAL HYDERABAD BENCH -II [Section 9 of the Insolvency & Bankruptcy Code, 2016 r/w Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016]

Between:

M/s.Isthara Parks Private Limited, Represented by its Authorised Officer Mr.E-Vairamuthu Karthik, General Manager, Having its Registered Office at 1987-B, Trichy Road, Coimbatore – 641 005, Tamil Nadu and Regional Office at

3^rd Floor, Ayyappa Arcade, Janardana Hills, Lumbini Avenue, Gachibowli, Hyderabad – 500 032, Telangana State.

… Petitioner/Operational Creditor And

1. M/s.Valmar Projects LLP, Having its Registered Office at Plot No.6, Road No.1, Film Nagar, Hyderabad – 500 030 Telangana State, Represented by its CEO.

2. Sri Vishnuvardhan Babu Manchu, Director/Signatory, M/s.Valmar Projects LLP, Having its Registered Office at Plot No.6, Road No.1, Film Nagar, Hyderabad – 500 030 Telangana State.

3. Sri Pothugunta Gajendra, Director/Signatory, M/s.Valmar Projects LLP, Having its Registered Office at Plot No.6, Road No.1, Film Nagar, Hyderabad – 500 030, Telangana State. … Respondents Coram:

Shri Rajeev Bhardwaj, Hon’ble Member (Judicial)

Shri Sanjay Puri, Hon’ble Member (Technical)

Counsel/Parties present:

For the Applicant : D r P.Bhaskara Mohan and Mr.PSDS.Kaartheik, Advocates For the Respondents : Mr.Sai Sanjay Suraneni, Advocate [Per: Shri Rajeev Bhardwaj, Member (Judicial)]

O R D E R

1. This Petition has been filed under Section 9 of the Insolvency & Bankruptcy Code, 2016 r/w Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 by M/s.Isthara Parks Private Limited, Operational Creditor (OC/Petitioner) against M/s.Valmar Projects LLP, Corporate Debtor (CD/Respondent) for the alleged default in payment of debt amounting to Rs.5,69,65,755/- (principal being Rs.5,35,15,084/- and interest Rs.34,50,671) as on 05.08.2023.

2. Case of the Petitioner a) The Petitioner is a Private Limited Company incorporated under the Companies Act, 2013, engaged in operating hostel facilities, providing catering and food services, and managing executive and student housing facilities.

b) The Respondent is also a Company registered under the Companies Act, 2013, engaged in managing and maintaining school, college, and university hostel facilities.

c) The Petitioner entered into a Facilities Service Agreement (FSA) with the Respondent on 23rd February 2022 for operating hostel facilities, including housekeeping services.

d) A Catering Service Agreement (CSA) was executed with the Respondent on

16th March 2022 for providing food and catering services to day scholars and hostel residents.

e) The Petitioner raised invoices for services rendered from April 2022 to May

2023. The Respondent made part payments on some invoices. Details of these invoices are provided in paragraphs 5 and 9 of the Petition.

f) It is alleged that the Respondent violated the agreement by failing to clear invoice amounts within the stipulated time. The Petitioner raised the issue via email on 12.10.2022. In reply, dated 13.01.2023, the Respondent admitted the dues and provided a ledger account statement (18.03.2022 to 06.06.2023) showing an admitted liability of Rs.3,34,09,564.88, excluding Rs.1.00 crore as a security deposit.

g) Subseq