# In the matter of Rolta Pvt. Ltd. vs. Varanium Cloud Ltd.

> NCLAT judgment dated 2025-05-21. Citation: TCN-2025-NCLAT-00019. The appeal challenges an order dated 2024-01-03 by the National Company Law Tribunal, Mumbai…

- **Court:** NCLAT
- **Order date:** 21 May 2025
- **Citation:** TCN-2025-NCLAT-00019
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/rolta-pvt-ltd-vs-varanium-cloud-ltd-42c34aa4

## Summary

### Background

The appeal challenges an order dated 2024-01-03 by the National Company Law Tribunal, Mumbai Bench, which dismissed CP (IB)/883/MB/2023 filed by the Appellant under Section 7 of the Insolvency and Bankruptcy Code, 2016, and allowed I.A. No. 5367 of 2023 filed by the Respondent. The Appellant disbursed a loan of Rs. 1.5 Cr. to the Corporate Debtor/Respondent in three tranches of Rs. 50 Lac each on 2019-07-11, 2019-07-15, and 2019-07-30. The Appellant filed CP (IB) No. 270/MB/2023 against the Respondent on 2023-03-06, claiming Rs. 1.50 Cr. with interest, totaling Rs. 2,84,73,905 as of 2023-02-20. The application was dismissed because the date of default mentioned in Part IV fell within the cut-off period under Section 10A, rendering the petition not maintainable. The

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## Facts

Rolta Pvt. Ltd. (Appellant) disbursed a loan of Rs. 1.5 Cr. to Varanium Cloud Ltd. (Respondent/Corporate Debtor) in three tranches of Rs. 50 Lac each on 2019-07-11, 2019-07-15, and 2019-07-30. The Appellant filed CP (IB) No. 270/MB/2023 on 2023-03-06, claiming Rs. 1.50 Cr. with interest, totaling Rs. 2,84,73,905 as of 2023-02-20. The application was dismissed by the Tribunal on 2023-04-10 because the date of default mentioned in Part IV (2021-02-04) fell within the Section 10A cut-off period. The Appellant withdrew the appeal against this dismissal with liberty to file a fresh petition and then filed CP (IB) No. 883 of 2023. The Respondent argued that the Appellant was attempting to change the date of default to circumvent Section 10A. The Appellant claimed the default

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## Issues and analysis

### Issue 1: Whether the Tribunal erred in dismissing the application despite the default being committed prior …

**Ratio:** The court must determine the correct date of default and whether it falls within the

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**Reasoning:** The Tribunal dismissed the initial application because the stated default date fell

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**Interpretation:** Section 10A of the Insolvency and Bankruptcy Code provides a bar on initiating

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**Application:** The court found that the facts of the present case differed from the SIDBI

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## Parties

- **Judges:** Rakesh Kuma…; Naresh Sa…; +1 more
- **Appellants:** Rolta Pvt…
- **Respondents:** Varanium Cloud…

## Timeline

- **2019-07-11 — First Tranche…**: Appellant disbursed Rs.…
- **2019-07-15 — Second Tranche…**: Appellant disbursed Rs.…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 61 — Appeals and Appellate Authority](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-61)

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