# In the matter of Alchemist Capital Limited

> NCLT judgment dated 2025-08-01. Citation: TCN-2025-NCLT-01136. Endogram Leasing and Trading Company Pvt. Ltd. filed an application under Section 7 of the…

- **Court:** NCLT
- **Order date:** 1 Aug 2025
- **Citation:** TCN-2025-NCLT-01136
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/alchemist-capital-limited-97448d43

## Summary

### Background

Endogram Leasing and Trading Company Pvt. Ltd. filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Alchemist Capital Limited for initiation of Corporate Insolvency Resolution Process (CIRP) due to a default amount of Rs. 5,57,00,740/- as on 31.12.2021.

## Facts

The Corporate Debtor obtained an unsecured loan of Rs. 2,91,00,973/- from the Financial Creditor on 30.06.2011, pursuant to a Loan Agreement dated 01.07.2011.

The loan tenure was ten years commencing from 01.07.2011.

The Agreement contained a call option enabling the Financial Creditor to convert the loan into equity shares, but this option was not exercised.

The Corporate Debtor neither repaid the principal nor paid any interest due from 01.07.2014, leading to an outstanding liability of Rs. 5,18,14,642/- as of 30.06.2021.

The Financial Creditor issued a demand letter dated 12.07.2021, calling upon the Corporate Debtor to repay the said amount.

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## Issues and analysis

### Issue 1: Whether the disbursed amount can be considered a …

**Ratio:** The existence of clauses and structure of the transaction, particularly the repayment

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**Reasoning:** The Agreement incorporates provisions typical of a debt transaction, including a fixed

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**Interpretation:** The court interpreted the loan agreement and related correspondence to

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**Application:** The court applied the definition of financial debt under Section 5(8) to the

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## Parties

- **Judges:** KHETRABASI…; KAUSHALENDRA…
- **Appellants:** Endogram Leasing…
- **Respondents:** Alchemist Capital…
- **Other parties:** Manoj Kuma…
- **Advocates:** Anand Chh…; Keshav…; +1 more

## Timeline

- **2011-06-30 — Loan Disbur…**: The Financial Creditor disbursed an unsecured loan of Rs. 2,91,00,973/- to the Corporate…
- **2011-07-01 — Loan Agreeme…**: Loan Agreement was…

## 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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