# In the matter of Dhrovv India Ltd. CP No.09-ALD-2018

> NCLT judgment dated 2018-04-24. Citation: TCN-2018-NCLT-01504. Macro Leafin Pvt. Ltd., the financial creditor, filed an application under Section 7 of the…

- **Court:** NCLT
- **Order date:** 24 Apr 2018
- **Citation:** TCN-2018-NCLT-01504
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/dhrovv-india-ltd-cp-no09-ald-2018-bc1a3150

## Summary

### Background

Macro Leafin Pvt. Ltd., the financial creditor, filed an application under Section 7 of the Insolvency & Bankruptcy Code, 2016, seeking initiation of the Corporate Insolvency Resolution Process (CIRP) against Dhrovv India Ltd., the corporate debtor. The application was based on a default in repayment of an unsecured loan of Rs. 35,00,000/- extended by the financial creditor to the corporate debtor, along with interest. The loan agreement was dated 05.04.2010, and a renewal agreement was executed on 15.02.2016. The corporate debtor defaulted in making payments, leading to the application for CIRP.

## Facts

Macro Leafin Pvt. Ltd. extended an unsecured loan of Rs. 35,00,000 to Dhrovv India Ltd. as per a loan agreement dated 05.04.2010. The loan was to be repaid by 31.03.2013. Due to financial difficulties, Dhrovv India Ltd. could not repay the loan and requested a revival. A balance confirmation-cum-revival letter was sent by Macro Leafin Pvt. Ltd. on 28.03.2013 and acknowledged by Dhrovv India Ltd. A renewal of the loan agreement was executed on 15.02.2016, with Dhrovv India Ltd. acknowledging the Rs. 35,00,000 loan plus 15% interest. The amount became due on 30.11.2017. Macro Leafin Pvt. Ltd. transferred Rs. 10,00,000 on 13.04.2010, Rs. 10,00,000 on 19.04.2010, and Rs. 15,00,000 on 26.05.2010. Dhrovv India Ltd. defaulted, and Macro Leafin Pvt. Ltd. issued a letter on

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## Issues and analysis

### Issue 1: Whether the application filed by the Financial Creditor/Applicant, Macro Leafin Pvt. Ltd., under …

**Ratio:** Section 7 of the Insolvency & Bankruptcy Code, 2016, allows a financial creditor to

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**Reasoning:** The court observed that the applicant, Macro Leafin Pvt. Ltd., had filed the application

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**Interpretation:** Section 7 of the IBC provides the mechanism for a financial creditor to trigger

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**Application:** The court applied Section 7 to the facts of the case, noting that Macro Leafin

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## Parties

- **Judges:** V. P. S…; Saroj Ra…
- **Appellants:** Macro Leafin Pvt.…
- **Respondents:** Dhrovv Indi…

## Timeline

- **2010-04-05 — Loan Agreeme…**: Loan agreement between Macro Leafin Pvt. Ltd. and Dhrovv India Ltd. for an unsecured loan…
- **2010-04-13 — Transfer of…**: Macro Leafin Pvt. Ltd. transferred…

## 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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