# In the matter of Rajesh Alfred vs. Ketsaal Retail LLP

> NCLAT judgment dated 2025-07-03. Citation: TCN-2025-NCLAT-00330. Rajesh Alfred filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016,…

- **Court:** NCLAT
- **Order date:** 3 Jul 2025
- **Citation:** TCN-2025-NCLAT-00330
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/rajesh-alfred-vs-ketsaal-retail-llp-35318425

## Summary

### Background

Rajesh Alfred filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against Ketsaal Retail LLP, alleging default in repayment of a financial debt of Rs. 2,77,00,000/-. The Adjudicating Authority dismissed the petition.

## Facts

Rajesh Alfred, proprietor of M/s Anand Enterprises, entered into a Reseller Agreement with Ketsaal Retail LLP on 07.12.2020, making a capital investment of Rs. 20,00,000/-.

The Reseller Agreement stipulated that Ketsaal Retail LLP would pay an assured return of 7% per month on the investment after an initial lock-in period.

A First Addendum Agreement was executed on 17.05.2021, increasing the investment to Rs. 50,00,000/- and the assured return to 9%.

A Second Addendum Agreement was executed on 07.10.2021, further increasing the investment to Rs. 1,00,00,000/- and the assured return to 12%.

Starting 01.12.2021, Ketsaal Retail LLP defaulted in making further payments of the assured return.

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## Issues and analysis

### Issue 1: Whether the amount claimed by the appellant qualifies as a ‘Financial Debt' under the Insolvency …

**Ratio:** The NCLAT relied on Section 5(8) of the Code and the Supreme Court's judgment in Anuj

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**Reasoning:** The NCLAT analyzed the Reseller Agreement and found that the transaction was a commercial

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**Interpretation:** The NCLAT interpreted the Reseller Agreement as a commercial partnership rather

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**Application:** The NCLAT applied the legal principles to the facts of the case and concluded

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## Parties

- **Judges:** Indevar P…; Rakesh Kuma…; +1 more
- **Appellants:** Rajesh A…
- **Respondents:** Ketsaal Ret…
- **Advocates:** Sushant S…; Ajit Singh…; +5 more

## Timeline

- **2020-12-07 — Reseller Ag…**: Rajesh Alfred and Ketsaal Retail LLP…
- **2021-05-17 — First Addendum…**: First Addendum Agreement was…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 5(8) — Definitions](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-5)

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