# In the matter of Sh. Ranvir Ranjit Vs. Vijay R Vakharia & Ors. CA (AT) No. 646-2018

> NCLAT judgment dated 2018-10-29. Citation: TCN-2018-NCLAT-00070. The case involves an appeal against the initiation of insolvency proceedings. The appellant…

- **Court:** NCLAT
- **Order date:** 29 Oct 2018
- **Citation:** TCN-2018-NCLAT-00070
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/sh-ranvir-ranjit-vs-vijay-r-vakharia-ors-ca-07e78b2b

## Summary

### Background

The case involves an appeal against the initiation of insolvency proceedings. The appellant argues that there is no debt payable by the Corporate Debtor to the Respondent (Financial Creditor), and therefore, the question of default does not arise. The appellant refers to Form-1, particularly Part IV and Part V, to suggest that the document of debt and default has been enclosed. However, the respondent's submission, Annexure-A, referred to in Part IV and Part V, is argued to not be a document relating to debt and default and lacks the signature of a competent authority.

## Facts

Sh. Ranvir Ranjit, the Appellant, filed an appeal against Vijay R Vakharia & Ors., the Respondents, regarding an insolvency matter. The Appellant contends that there is no outstanding debt payable by the 'Corporate Debtor' to the 'Financial Creditor' (Respondent), thus negating the basis for default. The Appellant references Form-1 (Page 137), specifically Part IV and Part V, asserting that the document of debt and default is enclosed. However, the Appellant argues that Annexure-A, referenced in Part IV and Part V, is not a valid document related to debt and default (Page 365) because it is a submission from the Respondent and lacks the signature of a competent authority. The 1st to 7th Respondents ('Financial Creditors') have already appeared. The court has

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## Issues and analysis

### Issue 1: Whether there is a valid debt payable by the …

**Ratio:** A valid debt is a fundamental requirement for initiating insolvency proceedings under the

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**Reasoning:** The court is examining the documents and submissions from both parties to determine if a

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**Interpretation:** The interpretation of 'debt' under the IBC is crucial. It includes any

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**Application:** The court will apply the definition of 'debt' to the specific facts of the

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## Parties

- **Judges:** S.J. Mukhop…; Bansi Lal…
- **Appellants:** Ranvir R…
- **Respondents:** Vijay R. Va…
- **Advocates:** C.A. Sun…; Rohini…; +2 more

## Timeline

- **2018-10-29 — Senior Counsel…**: Learned Senior Counsel appeared on behalf of the Appellant, submitting that there is no…
- **2018-10-30 — Deadline for Requisite…**: Deadline for filing requisite along with…

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