# IFCI Venture Capital Funds Limited vs. Gundlathoti Ready Mix Cement Industry Private Limited

> NCLT judgment dated 2026-09-11. Citation: TCN-2026-NCLT-01024. IFCI Venture Capital Funds Limited (Financial Creditor) filed an application under Section 7 of…

- **Court:** NCLT
- **Order date:** 11 Sept 2026
- **Citation:** TCN-2026-NCLT-01024
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-amaravati/ifci-venture-capital-funds-limited-vs-gundlathoti-ready-mix-cement-industry-priv-6aoir

## Summary

### Background

IFCI Venture Capital Funds Limited (Financial Creditor) filed an application under Section 7 of the IBC, 2016, against Gundlathoti Ready Mix Cement Industry Private Limited (Corporate Debtor) seeking initiation of the Corporate Insolvency Resolution Process (CIRP). The application was based on a default amount of Rs. 1,47,69,875/- as on 31.03.2024, arising from financial assistance provided through Optionally Convertible Debentures (OCDs) under an Investment Agreement dated 14.03.2018. The Corporate Debtor raised objections regarding the Financial Creditor's locus standi, the nature of the debt, and the maintainability of the application concerning the limitation period and Section 10A of the IBC.

## Facts

The application CP (IB)/18/7/AMR/2026 was e-filed on 29.03.2026 and physically filed on 01.04.2026 by IFCI Venture Capital Funds Limited (Financial Creditor/Applicant).

The application seeks initiation of CIRP against Gundlathoti Ready Mix Cement Industry Private Limited (Corporate Debtor/Respondent) under Section 7 of IBC, 2016.

The default amount claimed is Rs.1,47,69,875/- as on 31.03.2024.

The Registry raised defects/objections on 27.04.2026 and 18.06.2026, which were subsequently complied with by the Financial Creditor.

IFCI Venture Capital Funds Limited is the Investment Manager of the Venture Capital Fund for Scheduled Castes (VCF-SC), established by the Government of India.

…

## Issues and analysis

### Issue 1: Whether the present Application is …

**Ratio:** Acknowledgment of liability in the Corporate Debtor's balance sheets extends the

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**Reasoning:** The Financial Creditor filed the application based on a default date of 30.06.2021, with

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**Interpretation:** Section 18 of the Limitation Act allows for an extension of the limitation

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**Application:** The application was e-filed on 29.03.2026, which falls within the extended

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## Parties

- **Judges:** KISHORE VEMULAPALL…; UMESH KUMAR…
- **Appellants:** IFCI Venture…
- **Respondents:** Gundlathoti Ready…
- **Other parties:** Mannava Divakara…; Srinivasa Rao…; +1 more
- **Advocates:** Sreedhar Va…; Reddy P…

## Timeline

- **2018-03-14 — Execution of A…**: Investment Agreement, Assignment Agreement, Deed of Guarantee, Declaration and…
- **2019-03-31 — First Install…**: The first quarterly installment…

## 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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