# In the matter of Ashapura Intimates Fashion Private Limited CP 4154 (IB)-MB-2018

> NCLT judgment dated 2019-07-05. Citation: TCN-2019-NCLT-02660. Tirumala Balaji Alloys Private Limited, the Financial Creditor, filed a petition under Section…

- **Court:** NCLT
- **Order date:** 5 Jul 2019
- **Citation:** TCN-2019-NCLT-02660
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/ashapura-intimates-fashion-private-limited-cp-4154-ib-mb-2018-6c895850

## Summary

### Background

Tirumala Balaji Alloys Private Limited, the Financial Creditor, filed a petition under Section 7 of the Insolvency & Bankruptcy Code, 2016, against Ashapura Intimates Fashion Private Limited, the Corporate Debtor, for initiating Corporate Insolvency Resolution Process (CIRP). The Financial Creditor had extended an Inter-Corporate Deposit to the Corporate Debtor, which was admitted by the Corporate Debtor. The Corporate Debtor also issued an ICD Receipt and sent cheques towards repayment. However, another petition (CP No.4488/2018) against the same Corporate Debtor had already been admitted by the same bench.

## Facts

Tirumala Balaji Alloys Private Limited (Financial Creditor) filed CP 4154/2018 under Section 7 of the Insolvency & Bankruptcy Code, 2016, against Ashapura Intimates Fashion Private Limited (Corporate Debtor) to initiate CIRP. The Financial Creditor extended an Inter-Corporate Deposit of ₹1,00,00,000/- to the Corporate Debtor for 125 days at 13% p.a., which the Corporate Debtor admitted via a letter dated 2018-06-19. The Corporate Debtor also issued an ICD Receipt dated 2018-06-19. The Corporate Debtor sent three cheques dated 2018-10-22 towards repayment of principal and interest. The principal and interest due as of 2018-10-22 amounted to ₹1,00,46,027/-. The Financial Creditor stated that it had not received any amount from the Corporate Debtor. The Corporate

…

## Issues and analysis

### Issue 1: Whether the petition filed by Tirumala Balaji Alloys Private Limited under Section 7 of the I&B …

**Ratio:** When a petition against a corporate debtor has already been admitted for initiating CIRP,

…

**Reasoning:** The court reasoned that since another petition (CP No.4488/2018) against Ashapura

…

**Interpretation:** The interpretation of Section 7 of the I&B Code, in conjunction with the

…

**Application:** In this case, the court applied the ratio by dismissing the petition filed by

…

## Parties

- **Judges:** V. P. S…; Ravikumar…; +1 more
- **Appellants:** Tirumala Balaji…
- **Respondents:** Ashapura Intimates…

## Timeline

- **2018-06-19 — Inter-Corporat…**: The Corporate Debtor admitted to the…
- **2018-06-19 — ICD Rece…**: The Corporate Debtor…

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-chandigarh/ashapura-intimates-fashion-private-limited-cp-4154-ib-mb-2018-6c895850