# In the matter of N.C. Goel & Anr. vs. Piyush Infrastructure India Pvt. Ltd.

> NCLAT judgment dated 2024-03-06. Citation: TCN-2024-NCLAT-00594. The appeal was filed against the order dated 13.06.2022 passed by the Adjudicating Authority…

- **Court:** NCLAT
- **Order date:** 6 Mar 2024
- **Citation:** TCN-2024-NCLAT-00594
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/nc-goel-anr-vs-piyush-infrastructure-india-pvt-ltd-484ce19a

## Summary

### Background

The appeal was filed against the order dated 13.06.2022 passed by the Adjudicating Authority (National Company Law Tribunal, Allahabad Bench), which dismissed an application bearing CP (IB) 453/ALD/2019 filed under Section 7 of the Insolvency & Bankruptcy Code, 2016. The application was dismissed on the ground that it was not maintainable because the appellant failed to prove that the amount was a loan and that there was a default in repayment. The appellants, Mrs. Maya Goel and Mr. N.C. Goel, had filed the application for resolution of an amount of Rs. 12 lakhs with interest.

## Facts

Mrs. Maya Goel and Mr. N.C. Goel filed an application under Section 7 of the Insolvency & Bankruptcy Code, 2016, seeking resolution of a debt of Rs. 12 lakhs with interest. Mrs. Maya Goel gave the loan amount in the Financial Years 2011-12, 2012-13, and 2013-14, while Mr. N.C. Goel gave the loan in the Financial Years 2011-12, 2013-14, and 2015-16. The Adjudicating Authority dismissed the application, finding it not maintainable due to a lack of documentation to establish the date of default and the tenure of the loan. The appellants argued that the amount was a loan, while the appellate tribunal found that the amount was an investment. The appellate tribunal noted that the appellants had initiated proceedings under the Negotiable Instruments Act, 1881. The

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## Issues and analysis

### Issue 1: Whether the application under Section 7 of the …

**Ratio:** Section 7 of the Insolvency & Bankruptcy Code, 2016 allows a financial creditor to

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**Reasoning:** The appellate tribunal agreed with the Adjudicating Authority that the application under

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**Interpretation:** Section 7 requires the existence of a financial debt and a default for an

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**Application:** In this case, the appellate tribunal determined that the amount given by the

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## Parties

- **Judges:** Rakesh Kuma…; Naresh Sa…; +1 more
- **Appellants:** N.C.…
- **Respondents:** Piyush Infrastruct…

## Timeline

- **2022-06-13 — Order by Adjudicating…**: The Adjudicating Authority (National Company Law Tribunal, Allahabad Bench) passed an…
- **2024-03-06 — Appeal O…**: The appeal was directed against the order dated 13.06.2022 passed by the Adjudicating…

## 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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