# In the matter of Shubh Gautam Vs. Anjani Technoplast Limited Company Appeal (AT) (Insolvency) No. 904 of 2022

> NCLAT judgment dated 2022-11-01. Citation: TCN-2022-NCLAT-00132. The appeal was filed under Section 61 of the Insolvency and Bankruptcy Code, 2016 (IBC) by…

- **Court:** NCLAT
- **Order date:** 1 Nov 2022
- **Citation:** TCN-2022-NCLAT-00132
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/shubh-gautam-vs-anjani-technoplast-limited-company-appeal-013a4c63

## Summary

### Background

The appeal was filed under Section 61 of the Insolvency and Bankruptcy Code, 2016 (IBC) by the Appellant, Mr. Shubh Gautam, against the order dated 20.06.2022 passed by the Adjudicating Authority (National Company Law Tribunal, New Delhi) in CP No. (IB)-766 (ND)/2021. The Adjudicating Authority had dismissed the application filed under Section 7 of the IBC, stating that a decree holder does not fall within the definition of 'Financial Creditor' and that the debt in question does not come under the purview of 'financial debt'. The Appellant's case is based on two loan agreements dated 24.02.2010 and 31.03.2010, where he disbursed loans to the Respondent, Anjani Technoplast Limited, with interest. The Appellant argued that the dishonored cheques and the subsequent decree

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## Facts

Mr. Shubh Gautam (Appellant) disbursed two interest-bearing loans to Anjani Technoplast Limited (Respondent) on 24.02.2010 (Rs. 2.50 crores) and 31.03.2010 (Rs. 2.00 crores). The loans carried interest at 12.75% p.a. and 3% p.m., respectively, payable on a half-yearly basis. Cheques issued for repayment were dishonored, leading to proceedings under the Negotiable Instruments Act. A Compromise Deed was executed on 31.08.2013, but the cheque issued under it was also dishonored. The Appellant filed a civil suit in the Delhi High Court, resulting in a judgment-decree dated 11.01.2018 for Rs. 4,38,00,617 with 24% interest p.a. from 01.02.2016. The Respondent made a part payment of Rs. 25 lakhs on 06.01.2018. The High Court affirmed the financial debt on 27.11.2018. The

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## Issues and analysis

### Issue 1: Whether the Appellant qualifies as a 'Financial Creditor' under the IBC based on the loan …

**Ratio:** A 'financial debt' under Section 5(8) of the IBC includes a debt along with interest, if

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**Reasoning:** The NCLAT reasoned that the loan agreements clearly stipulated interest rates and

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**Interpretation:** The interpretation of 'financial debt' under the IBC encompasses not only the

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**Application:** In this case, the loan agreements with specified interest rates and the

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## Parties

- **Judges:** Alok Sriv…
- **Appellants:** SHUBH G…
- **Respondents:** Anjani Technoplast…
- **Advocates:** Sanjiv…; Piyush…; +5 more

## Timeline

- **2010-02-24 — First Loan Ag…**: Appellant disbursed a loan of Rs.…
- **2010-03-31 — Second Loan A…**: Appellant disbursed a loan of Rs.…

## 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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