# In the matter of Varun Gupta vs. ISINOX Pvt. Ltd.

> NCLAT judgment dated 2024-12-16. Citation: TCN-2024-NCLAT-00023. This appeal was filed under Section 61 of the Insolvency and Bankruptcy Code, 2016, by the…

- **Court:** NCLAT
- **Order date:** 16 Dec 2024
- **Citation:** TCN-2024-NCLAT-00023
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/varun-gupta-vs-isinox-pvt-ltd-a70d0d7a

## Summary

### Background

This appeal was filed under Section 61 of the Insolvency and Bankruptcy Code, 2016, by the suspended director of ISINOX Pvt. Ltd. (Corporate Debtor) against the order dated 17.03.2023 passed by the National Company Law Tribunal, Mumbai. The NCLT admitted CP (IB) No. 216 of 2022 filed by Somesh A Naik & Ors. (Financial Creditors) under Section 7 of the Code and appointed Manish Kumar R. Patel as Interim Resolution Professional (IRP). The petition under Section 7 was filed by Somesh A Naik & 44 others claiming an amount of Rs. 4,37,14,449/-, with Rs. 2,34,17,965/- being the principal amount.

## Facts

The suspended director of ISINOX Pvt. Ltd. (Corporate Debtor) filed an appeal against the order dated 17.03.2023 passed by the National Company Law Tribunal, Mumbai. The NCLT admitted CP (IB) No. 216 of 2022 filed by Somesh A Naik & Ors. (Financial Creditors) under Section 7 of the Code. Manish Kumar R. Patel was appointed as Interim Resolution Professional (IRP). The petition under Section 7 was filed by Somesh A Naik & 44 others claiming an amount of Rs. 4,37,14,449/-, with Rs. 2,34,17,965/- being the principal amount. The Corporate Debtor used to purchase goods from Manohar Manak Alloys Pvt. Ltd. (Manohar Alloys). Manohar Alloys sold its unpaid invoices to KredX/Minion Ventures Pvt. Ltd. for quick recovery of funds. The Financial Creditors entered into an

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## Issues and analysis

### Issue 1: Whether the application under Section 7 of the Insolvency and Bankruptcy Code, 2016 is maintainable …

**Ratio:** The legal principle applied is that if the transaction is considered a sale or

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**Reasoning:** The court reasoned that a similar controversy had been decided earlier in the case of

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**Interpretation:** The interpretation revolves around whether the financial arrangement

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**Application:** In this specific case, the court applied the precedent from Minions Ventures

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## Parties

- **Judges:** Rakesh Kuma…; Naresh Sa…; +1 more
- **Appellants:** Varun G…
- **Respondents:** ISINOX Pvt…

## Timeline

- **2023-03-17 — Order by NCLT…**: National Company Law Tribunal, Mumbai passed an order admitting CP (IB) No. 216 of 2022…
- **2023-04-11 — Preliminary…**: At the time of preliminary hearing in this appeal, the Court passed an order regarding…

## 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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