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Rahul Jain Vs Nirmal Lifestyle Limited

National Company Law Tribunal · Decided on 20 January 2023 · Citation: (2023) 01 NCLT CK 0037

HON’BLE JUDGES
Kishore Vemulapalli, Member (J) · Prabhat Kumar, Member (T)
ACTS & SECTIONS REFERRED
Insolvency and Bankruptcy Code, 2016 — Section 7
RESULT
Disposed Of
CASE NUMBER
CP (IB) No.279/MB-IV/2019
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Judgment

6 paragraphs · 190 words

Prabhat Kumar, Member (Technical)

1.

This is a Company Petition filed under section 7 of the Insolvency & Bankruptcy Code, 2016 (IBC) by Rahul Jain, (“the Financial Creditor”), seeking initiation of Corporate Insolvency Resolution Process (CIRP) against Nirmal Lifestyle Private Limited (“the Corporate Debtor”).

2.

The Corporate Debtor has availed the Credit facilities loan of Rs.4Crore 22lakhs which was disbursed on 01.01.2019 in terms of facility agreement dated 01.01.2019. The initial term of the loan was 7 days and was repayable on 08.01.2019. As per part IV amended pursuant to order dated 20.07.2014. the Principal outstanding is INR 77,49,849 and default interest as on 14.05. 2019 is INR 87,37,134. The date of default is stated 25.01.2019.

3.

We heard both the Counsels and perused the material on record.

4.

We note that this Corporate Debtor is already undergoing CIRP vide order 20.12.2022 passed by Court-III NCLT, Mumbai in another Company Petition bearing CP No 176/2020.

5.

In view of the above admission order, the present Company Petition becomes infructuous and disposed of granting liberty to the Financial Creditor to put forth their claim before the IRP/RP as permissible under law.