# In the matter of Ashish Vincom Private Limited C.P (IB) No. 2011-KB-2019

> NCLT judgment dated 2021-12-15. Citation: TCN-2021-NCLT-00164. Seaview Merchants Private Limited filed a petition under Section 7 of the Insolvency and…

- **Court:** NCLT
- **Order date:** 15 Dec 2021
- **Citation:** TCN-2021-NCLT-00164
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/ashish-vincom-private-limited-cp-ib-no-2011-kb-2019-d89a5157

## Summary

### Background

Seaview Merchants Private Limited filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Ashish Vincom Private Limited, the Corporate Debtor. The petition was based on an Inter Corporate Deposit (ICD) of Rs. 20,00,000/- advanced by the Financial Creditor to the Corporate Debtor on 16.07.2015, carrying interest @ 12% per annum. The Financial Creditor claimed a total default amount of Rs. 30,17,691/- including interest as on 30.06.2019, with the date of default stated as 31.03.2018.

## Facts

Seaview Merchants Private Limited (Financial Creditor) filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Ashish Vincom Private Limited (Corporate Debtor). The Financial Creditor claimed that it had advanced an Inter Corporate Deposit (ICD) of Rs. 20,00,000/- to the Corporate Debtor on 16.07.2015, with interest at 12% per annum. The total amount claimed in default was Rs. 30,17,691/- as of 30.06.2019, and the date of default was stated as 31.03.2018. The Corporate Debtor argued that the petition was barred by limitation, there was no commercial effect of borrowing, and the Financial Creditor had never demanded any amount in the last three years. The Corporate Debtor also

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## Issues and analysis

### Issue 1: Whether the application filed by the Financial Creditor under Section 7 of the Insolvency and …

**Ratio:** The Insolvency and Bankruptcy Code, 2016, requires the existence of a financial debt and

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**Reasoning:** The Adjudicating Authority considered the submissions of both parties and the documents

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**Interpretation:** The interpretation of Section 7 of the Insolvency and Bankruptcy Code, 2016,

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**Application:** In this case, the Adjudicating Authority found that the Financial Creditor

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## Parties

- **Judges:** Rajasekha…; Balraj…
- **Appellants:** Seaview Merchants…
- **Respondents:** Ashish Vincom…

## Timeline

- **2015-07-16 — Inter Corporat…**: Financial Creditor advanced an Inter Corporate Deposit (ICD) of Rs. 20,00,000/- to the…
- **2018-03-31 — Date of D…**: The date of default is…

## 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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