# CFM Asset Reconstruction Private Limited vs. M/s Capbridge Venture LLP

> NCLT judgment dated 2026-07-30. Citation: TCN-2026-NCLT-00727. CFM Asset Reconstruction Private Limited (Financial Creditor) filed a Section 7 IBC petition…

- **Court:** NCLT
- **Order date:** 30 Jul 2026
- **Citation:** TCN-2026-NCLT-00727
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-ahmedabad/cfm-asset-reconstruction-private-limited-vs-ms-capbridge-venture-llp-y4v5u

## Summary

### Background

CFM Asset Reconstruction Private Limited (Financial Creditor) filed a Section 7 IBC petition against M/s Capbridge Venture LLP (Corporate Debtor) for an alleged default of Rs.58.55 Crores. The debt originated from loans sanctioned by Poonawalla Fincorp Limited, later assigned to CFM Asset Reconstruction. The Corporate Debtor, a co-borrower, defaulted, leading to the account being classified as NPA. The Corporate Debtor contested the petition, arguing it was merely a co-borrower, disputed the default date, questioned the assignee's creditor status, and cited parallel SARFAESI proceedings and PMLA attachment of assets.

## Facts

A Company Petition, CP (IB) No.225/7/AHM/2026, was registered on 16.07.2026.

The petition was filed by CFM Asset Reconstruction Private Limited ("Financial Creditor") under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against M/s Capbridge Venture LLP ("Corporate Debtor").

The alleged default in repayment of Financial Debt amounted to Rs.58,55,65,117.24, including interest and other charges.

CFM Asset Reconstruction Private Limited is a company incorporated on 31.07.2015, with CIN U67100GJ2015PTC083994 and its registered office in Ahmedabad.

The petition was instituted through its authorised representative, Mr. Chetan Rajpurohit, Chief Manager.

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## Issues and analysis

### Issue 1: Whether the Company Petition filed under Section 7 of the IBC is maintainable against the Corporate …

**Ratio:** A corporate person owing a debt, even as a co-borrower, falls within the definition of a

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**Reasoning:** The loan documents clearly establish the Respondent as a borrower with liability under

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**Interpretation:** The status of a co-borrower does not negate the corporate person's liability

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**Application:** The Respondent's objection that it is merely a co-borrower is rejected because

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## Parties

- **Judges:** SHAMMI…; SANJEEV S…
- **Appellants:** CFM Asset…
- **Respondents:** M/s Capbridge…
- **Other parties:** Poonawalla…; Bhavesh Manubhai…
- **Advocates:** Sumit P…; Rahul K Ka…

## Timeline

- **2015-07-31 — Applicant's Incorporatio…**: CFM Asset Reconstruction Private Limited…
- **2020-08-02 — Respondent's Incorporati…**: M/s Capbridge Venture LLP (Respondent/Corporate Debtor) was incorporated as a Limited…

## 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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