# Saffron Gems Private Limited vs. Antique Exim Private Limited

> NCLT judgment dated 2026-08-19. Citation: TCN-2026-NCLT-00870. Saffron Gems Private Limited (Financial Creditor) filed a Company Petition under Section 7 of…

- **Court:** NCLT
- **Order date:** 19 Aug 2026
- **Citation:** TCN-2026-NCLT-00870
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-ahmedabad/saffron-gems-private-limited-vs-antique-exim-private-limited-h9qq8

## Summary

### Background

Saffron Gems Private Limited (Financial Creditor) filed a Company Petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Antique Exim Private Limited (Corporate Debtor) for the initiation of Corporate Insolvency Resolution Process (CIRP). The Financial Creditor claimed a default in payment of an outstanding financial debt of Rs. 1,48,03,562/-, including interest. The loan of Rs. 1,35,00,000/- was disbursed in six tranches during September 2025, with an original repayment due date of 03.11.2025. Despite the Corporate Debtor admitting indebtedness and seeking extensions, it failed to repay the debt by the extended deadline of 04.01.2026, leading to the default crystallizing on 18.01.2026.

## Facts

Saffron Gems Private Limited (Financial Creditor) filed a Company Petition on 24.06.2026 under Section 7 of the IBC, 2016, against Antique Exim Private Limited (Corporate Debtor).

The petition sought initiation of Corporate Insolvency Resolution Process (CIRP) due to a default in payment of an outstanding financial debt of Rs. 1,48,03,562/- including interest.

Saffron Gems Private Limited was incorporated on 10.08.2009 under the Companies Act 1956.

Antique Exim Private Limited was incorporated on 21.11.2011 under the Companies Act, 1956.

The Financial Creditor proposed Mr. Varun Anil Chopra as the Interim Resolution Professional.

…

## Issues and analysis

### Issue 1: Whether Saffron Gems Private Limited (Financial Creditor) has established the existence of a …

**Ratio:** A financial debt exists when there is a disbursement against the consideration for the

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**Reasoning:** The Financial Creditor disbursed Rs. 1,35,00,000/- as a short-term business loan with

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**Interpretation:** The loan transaction, carrying interest, falls within the definition of

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**Application:** The NCLT found that the Financial Creditor successfully established both the

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## Parties

- **Judges:** SHAMMI KHAN…; SANJEEV SHARMA…
- **Appellants:** Saffron Gems…
- **Respondents:** Antique Exim…
- **Other parties:** Committee of…; Mohit N…; +4 more
- **Advocates:** Jaimin…; Ld. Counsel for…

## Timeline

- **2009-08-10 — Incorporation of…**: Saffron Gems Private Limited (Financial Creditor) was incorporated under the provisions…
- **2011-11-21 — Incorporation of…**: Antique Exim Private Limited (Corporate Debtor) was incorporated under the provisions of…

## 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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