IN THE NATIONAL COMPANY LAW TRIBUNAL

NEW DELHI, COURT - IV CP No.: IB 74(ND)/2024

(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)

IN THE MATTER OF:

Invoice Discounters of Adaptio Facility Management Pvt Ltd

Through Mr. Arunava Ghosh.

…Operational Creditor / Applicant

VERSUS

M/s CBRE South Asia Pvt. Ltd.

…Corporate Debtor / Respondent

Pronounced on: 05.08.2025

CORAM:

SHRI MANNI SANKARIAH SHANMUGA SUNDARAM, HON’BLE

MEMBER (JUDICIAL)

SHRI ATUL CHATURVEDI, HON’BLE MEMBER (TECHNICAL)

Present:

For Applicants : Mr. Siddhant Jaiswal, Mr. Abhishek Verma,

Advs.

For Respondent : Mr. Priyam Kamra, Mr. Pratik Malik, Advs.

ORDER

PER: MANNI SANKARIAH SHANMUGA SUNDARAM, MEMBER (JUDICIAL)

1. The present Company Petition has been instituted by Invoice

Discounters of Adaptio Facility Management Pvt (“Applicant / Operational Creditor”) under Section 9 of the Insolvency and

Bankruptcy Code, 2016 (“IBC”), seeking initiation of the Corporate Insolvency Resolution Process (“CIRP”) against CBRE South Asia Pvt.

Ltd (“Respondent /Corporate Debtor”).

2. The Corporate Debtor having CIN: U74140DL1999PTC100244 was incorporated on 15.06.1999 under the provisions of the Companies Act, 1956 having its registered office situated at Ground Floor, PTI Building, 4, Parliament Street, New Delhi110001. Since the registered office of the Respondent/Corporate Debtor is in New Delhi, this Adjudicating Authority having territorial jurisdiction over the NCT of Delhi is the Adjudicating Authority in relation to the prayer for initiation of Corporate Insolvency Resolution Process in respect of Respondent Corporate Debtor.

3. The present petition is filed before this Adjudicating Authority on the ground that the Corporate Debtor has failed to make payment of a total sum of Rs. 1,08,82,770.32/- (Rupees One Crore Eight Lakhs Eighty-Two Thousand Seven Hundred Seventy and Thirty-Two Paise Only). The Demand Notice sent by the Operational Creditor to the Corporate Debtor is annexed to the Application as Annexure – 8 Colly. 4. Ld. Counsel for the Applicant has raised the following contentions:

a. The present application has been filed by the Operational Creditor (hereinafter referred to as “OC”) under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor (hereinafter referred to as “CD”). It is submitted that Adaptio Facility Management Pvt. Ltd. (hereinafter referred to as the “Seller”) had rendered certain services to the CD, pursuant to which various invoices were raised, which were duly received by the CD. As per Clause F(3) of Annexure-3 of the reply filed by the CD (Vol-I at page 143), payment against the said invoices was required to be made by the CD within 60 days from the date of each invoice. Owing to urgent cash flow requirements, the Seller opted for invoice discounting through a digital bill discounting platform “KredX,” operated by Minions Ventures Pvt. Ltd., whereby multiple invoices were bundled and discounted by the OC through the platform.

b. It is submitted that the KredX platform facilitates businesses to raise short-term working capital by discounting unpaid invoices, and the OC, on the basis of representations made by both the Seller and the CD that the underlying sale transactions and invoices were genuine, agreed to finance the invoices and pay the discounted amount to the Seller. Accordingly, a series of tripartite agreements titled “Transfer of Rights Agreement” (“TOR”) were executed between the OC, the Seller, and Minions Ventures Pvt. Ltd. [Annexure-5, Vol-I, page 81], through which the Seller unconditionally and absolutely transferred all rights and interests in the invoices to the OC. In addition, a Bank Confirmation Agreement dated 11.01.2019 [Annexure-6, Vol-II, page 236] was executed between the CD, the Seller, and Minions Ventures Pvt. Ltd., under which the CD