# In the matter of Primuss Pipes & Tubes Limited CP (IB) NO.07-ALD-2021

> NCLT judgment dated 2022-06-13. Citation: TCN-2022-NCLT-04661. An application was filed by Anjali Capfin Private Limited, the Financial Creditor, under…

- **Court:** NCLT
- **Order date:** 13 Jun 2022
- **Citation:** TCN-2022-NCLT-04661
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-allahabad/primuss-pipes-tubes-limited-cp-ib-no07-ald-2021-88a32104

## Summary

### Background

An application was filed by Anjali Capfin Private Limited, the Financial Creditor, under Section 7 of the Insolvency & Bankruptcy Code, 2016, for initiating Corporate Insolvency Resolution Process (CIRP) against Primuss Pipes & Tubes Limited, the Corporate Debtor.

## Facts

The Financial Creditor, Anjali Capfin Private Limited, provided financial assistance to the Corporate Debtor, Primuss Pipes & Tubes Limited, in the form of an unsecured loan of Rs. 2,25,00,000/-.

The loan carried an interest rate of 2% per month and was to be repaid on demand.

The amount was disbursed by the Financial Creditor through NEFT on 06.03.2019 and acknowledged by the Corporate Debtor.

The Financial Creditor received an amount of ₹4,50,000/- on 08.03.2019 as an interest payment from the Corporate Debtor.

The Corporate Debtor issued cheques for repayment of the unsecured loan, which were dishonored when presented by the Financial Creditor.

The Financial Creditor initiated criminal proceedings under the Negotiable Instruments Act, 1881, due to the dishonored cheques.

…

## Issues and analysis

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

**Ratio:** The application is complete in all respects and meets all other procedural requirements

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**Reasoning:** The Financial Creditor has annexed sufficient evidence to prove the disbursement of the

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**Interpretation:** The Adjudicating Authority interpreted the provisions of Section 7 of the Code

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**Application:** The Adjudicating Authority applied the provisions of Section 7 of the Code and

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## Parties

- **Judges:** Rajasekha…; Virendra Kumar…
- **Appellants:** Anjali Capfin…
- **Respondents:** PRIMUSS PIPES AND…
- **Other parties:** Sanyam…
- **Advocates:** Ankur…; Saket S…; +1 more

## Timeline

- **2019-03-06 — Loan Disbur…**: The Financial Creditor disbursed…
- **2019-03-08 — Interest P…**: The Financial Creditor received an interest payment of ₹4,50,000/- from the Corporate…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 14 — Moratorium](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-14)

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