PRESENT:

For the Applicant

:

For the Respondent

:

ORDER

The case is fixed for pronouncement of order.

The order is pronounced in open Court vide separate sheet.

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KAUSHALENDRA KUMAR SINGH MADAN B. GOSAVI

MEMBER (TECHNICAL)

MEMBER (JUDICIAL)

Braj Mohan

IN THE NATIONAL COMPANY LAW TRIBUNAL

INDORE BENCH

COURT NO. 1

ITEM No.301

TP 28 of 2019 [CP(IB) 679 of 2019]

Proceedings under Section 9 IBC

IN THE MATTER OF:

AXYKNO capital Services Pvt Ltd

V/s

Dilip Buildcon Ltd

........Applicant

........Respondent

Order delivered on 15/07/2022

Coram:

Madan B. Gosavi, Hon’ble Member(J)

Kaushalendra Kumar Singh Hon’ble Member(T)

BEFORE THE ADJUDICATING AUTHORITY

NATIONAL COMPANY LAW TRIBUNAL

INDORE BENCH

CP(IB) 679/MP/2019

(An application under section 9 of the Insolvency and Bankruptcy Code, 2016)

In the matter of:

AXYKNO Capital Services Pvt. Ltd.

CIN: U74920MH2006PTC158731

A Private Limited Company incorporated

Under the provisions of the Companies

Act, 1956, having its registered address at:

Level 3, Leela Vista,

WHC Road, Bajaj Nagar,

Nagpur,

Maharashtra- 440010

……Applicant/Operational Creditor

Versus

Dilip Buildcon Limited

CIN: L45201MP2006PLC018689

A Public Limited Company incorporated

Under the provisions of the Companies

Act, 1956, having its registered address at:

Plot No. 5, Inside Govind Narayan Singh

Gate, Chuna Bhatti, Kolar Road,

Bhopal,

Madhya Pradesh- 462016

……Respondent/Corporate Debtor

Order Reserved on: 10.06.2022

Order Pronounced on: 15.07.2022

Coram: Madan B. Gosavi, Member (J)

Kaushalendra Kumar Singh, Member (T)

Appearance:

For Applicant: Ld. Adv. Mr. Arjun Sheth

For Respondent: Ld. Adv. Mr. Ritesh Kumar Sharma

NCLT, Indore Bench

CP(IB) 679/IND/2019

3

ORDER

1.

This application has been filed by Mr. Vishwanath Iyer, Director of M/s

AXYKNO Capital Services Pvt. Ltd. (Operational Creditor) under section 9 of

the Insolvency and Bankruptcy Code, 2016 (the Code) for initiating Corporate

Insolvency Resolution Process (CIRP) against M/s Dilip Buildcon Limited

(Corporate Debtor) for the amount in default stated of Rs 1,79,47,391/-.

2.

The Operational Creditor is a private limited company incorporated

under

the

provisions

of

the

Companies

Act,

1956,

having

CIN:

U74920MH2006PTC158731, its registered address is at Level 3, Leela Vista,

WHC Road, Bajaj Nagar, Nagpur, Maharashtra 440010. The Operational

Creditor is engaged in the business of providing consultancy services inter

alia of advising its clients on bidding in various Coal Mine Developer and

Operator tenders.

3.

The Corporate Debtor is a public limited company incorporated under

the

provisions

of

the

Companies

Act,

1956,

having

CIN:

L45201MP2006PLC018689, its registered address is at Plot No. 5, Inside

Govind Narayan Singh Gate, Chuna Bhatti, Kolar Road, Bhopal, Madhya

Pradesh 462016. The Corporate Debtor is engaged in the business of

infrastructure development.

4.

The averments made by the Operational Creditor in its application and

presented/argued by the leaned counsel for the applicant are summarized

hereunder:

i.

The Corporate Debtor was interested in taking the consultancy

services as it was desirous of entering the business of developing and

operating coal mines, and pursuant to the same there was

correspondence and meetings between the Operational Creditor and the

Corporate Debtor during the period of February 2017 to April 2017,

pursuant to which the Corporate Debtor eventually issued email dated

12.04.2017 awarding works to the Operational Creditor.

NCLT, Indore Bench

CP(IB) 679/MP/2019

4

ii.

Work order I dated 11.04.2017 bearing reference no. DBL/2017-

18/114 under which the Operational Cred