# In the matter of Anupam Extractions Limited CP(IB)No.2781-NCLT-MB-2018

> NCLT judgment dated 2019-07-16. Citation: TCN-2019-NCLT-02504. A.K Corporation, a sole proprietorship, filed a petition under Section 7 of the Insolvency &…

- **Court:** NCLT
- **Order date:** 16 Jul 2019
- **Citation:** TCN-2019-NCLT-02504
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/anupam-extractions-limited-cpibno2781-nclt-mb-2018-994e3261

## Summary

### Background

A.K Corporation, a sole proprietorship, filed a petition under Section 7 of the Insolvency & Bankruptcy Code, 2016, against Anupam Extractions Limited, the Corporate Debtor, for initiating Corporate Insolvency Resolution Process (CIRP). The petition was filed on 18th July 2018, claiming a total default of ₹74,33,697.94 as of 31st March 2018. The petitioner had granted and disbursed a loan to the corporate debtor between 24.05.2006 and 31.03.2007.

## Facts

A.K Corporation, a sole proprietorship, claimed a default of ₹74,33,697.94 (including interest) as of 31.03.2018 from Anupam Extractions Limited. The principal amount of ₹26,80,666/- was disbursed as a loan between 24.05.2006 and 31.03.2007. The Petitioner, Mr. Ashok B. Saraf, was a Director in the Respondent Company until 12.03.2008. The loan was reflected as 'Unsecured Loan from Director' and later as 'Loans from Shareholders' in the Respondent's audited accounts. The Respondent admitted the debt but claimed it was withheld due to malpractices by the Petitioner during his tenure as a director. The Respondent also argued that the petition was barred by limitation and that there was no instrument executed between the parties. The Petitioner sought repayment of the loan

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## Issues and analysis

### Issue 1: Whether the petition filed under Section 7 …

**Ratio:** The adjudicating authority has merely to see the records of the information utility or

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**Reasoning:** The NCLT relied on the Supreme Court's decision in Innoventive Industries Limited v.

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**Interpretation:** This interpretation emphasizes the adjudicating authority's role in verifying

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**Application:** The NCLT applied this ratio to the present case, stating that the existence of

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## Parties

- **Judges:** Mr V. P.…; RavikumarDu…
- **Appellants:** A.K Corpo…
- **Respondents:** Anupam Extractions…

## Timeline

- **2006-05-24 — Loan Disbursem…**: Petitioner started disbursing…
- **2007-03-31 — Loan Disburse…**: Petitioner completed…

## 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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