# In the matter of Vipin Sharma vs. Kaliber Associates Private Limited Company Appeal (AT) (Insolvency) No. 113 of 2023

> NCLAT judgment dated 2023-07-04. Citation: TCN-2023-NCLAT-00414. This is an appeal filed by a Shareholder and Suspended Director of the Corporate Debtor…

- **Court:** NCLAT
- **Order date:** 4 Jul 2023
- **Citation:** TCN-2023-NCLAT-00414
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/vipin-sharma-vs-kaliber-associates-private-limited-company-appeal-deea6c25

## Summary

### Background

This is an appeal filed by a Shareholder and Suspended Director of the Corporate Debtor challenging the order dated 03.01.2023 passed by the National Company Law Tribunal, New Delhi Bench, Court-III, which admitted a Section 7 application under the Insolvency and Bankruptcy Code, 2016. The financial creditor, Kaliber Associates Pvt. Ltd., had advanced various amounts to the Corporate Debtor, Diamond IT Infracon Pvt. Ltd., between December 2013 and December 2017. Insolvency proceedings were initiated against Kaliber Associates Pvt. Ltd. on 18.01.2019. The IRP of Respondent No. 1 wrote to the Corporate Debtor on 31st January, 2019, seeking confirmation of a balance of Rs. 17,47,50,000/-. Liquidation proceedings were initiated against Respondent No. 1. Respondent No. 1,

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## Facts

Mr. Vipin Sharma, a Shareholder and Suspended Director of Diamond IT Infracon Pvt. Ltd., filed an appeal against the order dated 03.01.2023 passed by the National Company Law Tribunal (NCLT), New Delhi, which admitted a Section 7 application filed by Kaliber Associates Private Limited, the Financial Creditor, under the Insolvency and Bankruptcy Code, 2016. Kaliber Associates had advanced various amounts to Diamond IT Infracon between December 2013 and December 2017. An insolvency proceeding was initiated against Kaliber Associates on 18.01.2019. The Interim Resolution Professional (IRP) of Kaliber Associates wrote to Diamond IT Infracon on 31.01.2019, seeking confirmation of a balance of Rs. 17,47,50,000/-. Liquidation proceedings were initiated against Kaliber

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## Issues and analysis

### Issue 1: Whether the Adjudicating Authority erred in admitting the Section 7 application filed by the …

**Ratio:** The Adjudicating Authority is required to examine the records of the information utility

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**Reasoning:** The Adjudicating Authority rightly placed reliance on the financial statement of the

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**Interpretation:** The Adjudicating Authority must determine if a financial debt exists and if a

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**Application:** The Adjudicating Authority found that the financial creditor had successfully

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## Parties

- **Judges:** Ashok Bh…; Naresh Sa…
- **Appellants:** Vipin S…
- **Respondents:** Diamond IT…; Kaliber Associates…
- **Advocates:** Krishnendu…; Vikas M…; +5 more

## Timeline

- **2013-12-01 — Loan Disbur…**: Kaliber Associates Pvt. Ltd. advanced various amounts to Diamond IT Infracon Pvt. Ltd.…
- **2017-12-01 — Loan Disbur…**: Kaliber Associates Pvt. Ltd. advanced various amounts to Diamond IT Infracon Pvt. Ltd.…

## 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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