# In the matter of Bluplast Industries Ltd. CP No. 1407-I&BP-NCLT-MAH-2017

> NCLT judgment dated 2017-10-05. Citation: TCN-2017-NCLT-00313. ICICI Bank Ltd. filed a Company Petition under Section 7 of the Insolvency and Bankruptcy Code,…

- **Court:** NCLT
- **Order date:** 5 Oct 2017
- **Citation:** TCN-2017-NCLT-00313
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/bluplast-industries-ltd-cp-no-1407-ibp-nclt-mah-2017-6bd81553

## Summary

### Background

ICICI Bank Ltd. filed a Company Petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Bluplast Industries Ltd., the Corporate Debtor. The petition was based on the Corporate Debtor's default in repaying a loan facility of ₹24 crore availed on 30.6.2007, which became a Non-Performing Asset (NPA) on 31.3.2015. The outstanding amount, including principal and interest, totaled ₹34,35,04,602.30 as of 10.7.2017. The petitioner had previously filed a winding-up petition, which was later withdrawn due to discrepancies, leading to the current petition.

## Facts

ICICI Bank Ltd. provided credit facilities to Bluplast Industries Ltd., totaling ₹199.10 million, including ₹163.4 million as working capital and ₹35.6 million as term loan facilities. On 30.7.2007, a Master Facility Agreement was entered into between the parties for working capital facilities not exceeding ₹148 million. The Corporate Debtor also provided a Deed of Hypothecation and Deeds of Guarantee were executed by Mr. Kamlesh Kumar Jain, Mr. Indermal Pannalal Jain, Mrs. Rekha Kamlesh Jain, Mrs. Naina Indermal Jain and Mr. Pannalal Jain. On 6.11.2007, Mrs. Rekha Indermal Jain deposited title deeds to secure the repayment. The credit facilities were enhanced over time, reaching ₹158 million by 25.1.2008. The Corporate Debtor cleared the Term Loan Facility of ₹35.7

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## Issues and analysis

### Issue 1: Whether the Petitioner has furnished sufficient documentary proof to believe that debt and default …

**Ratio:** The principle is that the petitioner must provide sufficient evidence to demonstrate the

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**Reasoning:** The court examined the documents submitted by the petitioner, including credit

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**Interpretation:** The court interpreted the documentary evidence to establish that the debt was

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**Application:** The court applied this principle to the facts of the case, noting that the

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## Parties

- **Judges:** B.S.V. Prakash…; V. Nallasen…
- **Appellants:** ICICI Ban…
- **Respondents:** Bluplast Industrie…

## Timeline

- **2007-06-30 — Loan Facility…**: Corporate Debtor availed…
- **2007-07-30 — Master Facility…**: Creditor and Corporate Debtor…

## 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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