# In the matter of Maneesh Ramakant Sapte vs. Export Import Bank of India & Ors.

> NCLAT judgment dated 2025-04-24. Citation: TCN-2025-NCLAT-00086. This case involves an appeal against an order dated 15.10.2024 passed by the National Company…

- **Court:** NCLAT
- **Order date:** 24 Apr 2025
- **Citation:** TCN-2025-NCLAT-00086
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/maneesh-ramakant-sapte-vs-export-import-bank-of-india-ors-5cf1ab76

## Summary

### Background

This case involves an appeal against an order dated 15.10.2024 passed by the National Company Law Tribunal (NCLT), Mumbai Bench, which admitted a Section 7 application filed by Export-Import Bank of India and other banks under the Insolvency and Bankruptcy Code, 2016 (IBC). The appellant, a suspended director of the Corporate Debtor, challenged the initiation of the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor. The financial creditors had extended a term loan facility to M/s Svizera Holdings B.V., a subsidiary of the Corporate Debtor, with the Corporate Debtor acting as a guarantor. The borrower defaulted, leading to the account being classified as a Non-Performing Asset (NPA). The financial creditors filed a suit in the UK and initiated

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## Facts

The Financial Creditors extended a Term Loan Facility of USD 45 million to M/s Svizera Holdings B.V. (Principal Borrower), a subsidiary of the Corporate Debtor (CD), under a Facility Agreement dated 24.09.2007, with the CD acting as Guarantor. The Principal Borrower and the CD failed to repay the amounts due, leading to the account being classified as Non-Performing Assets (NPA) in 2011. The Agent Barclays Bank PLC issued a notice dated 03.02.2012 to the Borrower and Corporate Guarantor, followed by a Demand Notice dated 21.02.2012. The Respondent Banks filed a suit against the Principal Borrower and the CD in the UK. The CD also filed a reference under Section 15(1) of the Sick Industrial Companies Act, 1985 (SICA). After the repeal of SICA on 01.12.2016, the

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## Issues and analysis

### Issue 1: Whether the Adjudicating Authority erred in admitting the Section 7 application and initiating CIRP …

**Ratio:** The Adjudicating Authority has the power to initiate CIRP if debt and default are

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**Reasoning:** The Adjudicating Authority recorded a categorical finding of the existence of debt and

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**Interpretation:** The existence of debt and default are prerequisites for initiating CIRP under

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**Application:** The tribunal found no error in the Adjudicating Authority's order initiating

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## Parties

- **Judges:** Ashok Bh…; Barun M…; +1 more
- **Appellants:** Maneesh Ramakant…
- **Respondents:** Maneesh Pharmaceut…; Export-Import…

## Timeline

- **2007-09-24 — Facility Ag…**: Term Loan Facility extended…
- **2011-01-01 — Account Classified as…**: Account classified as…

## 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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