# In the matter of Ganesh Ashok Nanaware vs. Manomay Ventures Pvt. Ltd. & Anr.

> NCLAT judgment dated 2024-11-07. Citation: TCN-2024-NCLAT-00730. The Appellant challenges the Adjudicating Authority's admission of a Section 7 application…

- **Court:** NCLAT
- **Order date:** 7 Nov 2024
- **Citation:** TCN-2024-NCLAT-00730
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/ganesh-ashok-nanaware-vs-manomay-ventures-pvt-ltd-anr-d25853a3

## Summary

### Background

The Appellant challenges the Adjudicating Authority's admission of a Section 7 application filed by the Respondent. The application was based on three MOUs between the parties, characterized by the Appellant as a sale transaction of assets.

## Facts

The Appellant challenges the admission of a Section 7 application by the Adjudicating Authority.

The Section 7 application was filed by the Respondent based on three MOUs.

The Appellant claims the transaction was a sale of assets, not a financial debt.

The amount claimed as debt is a retained amount from a larger sum of Rs. 91 Crores.

A suit for the same amount is pending in the Bombay High Court.

Proceedings under Section 138 of the Negotiable Instruments Act are also pending.

The Adjudicating Authority allegedly erred in holding the transaction as a financial debt.

## Issues and analysis

### Issue 1: Whether the amount claimed by the Respondent constitutes a 'financial debt' under Section 7 of the …

**Ratio:** The determination of whether the debt is a 'financial debt' is crucial for the

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**Reasoning:** The Appellant argues that the amount claimed is a retained amount from a sale transaction

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**Interpretation:** The interpretation of 'financial debt' under the IBC is central to the issue.

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**Application:** The court will apply the definition of 'financial debt' under the IBC to the

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## Parties

- **Judges:** Ashok Bh…; Barun M…; +1 more
- **Appellants:** Ganesh Ashok…
- **Respondents:** Manomay Ventures…
- **Other parties:** CoC…; IRP…
- **Advocates:** Krishnendu…; Gupt…

## Timeline

- **2024-11-07 — Order Da…**: Learned counsel for the Appellant contends that the Adjudicating Authority has admitted…
- **2024-12-19 — Next Hearin…**: List this Appeal on…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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