# In the matter of Enrich Shreya Marine Infrastructures Private Limited C.P. (IB) - 815-MB-2020

> NCLT judgment dated 2021-02-18. Citation: TCN-2021-NCLT-03016. Moli Merchant Traders Private Limited (the Petitioner) filed a petition seeking the initiation…

- **Court:** NCLT
- **Order date:** 18 Feb 2021
- **Citation:** TCN-2021-NCLT-03016
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/enrich-shreya-marine-infrastructures-private-limited-cp-ib-815-mb-2020-7390d9a1

## Summary

### Background

Moli Merchant Traders Private Limited (the Petitioner) filed a petition seeking the initiation of the Corporate Insolvency Resolution Process (CIRP) against Enrich Shreya Marine Infrastructures Private Limited (the Corporate Debtor). The petition was filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, alleging that the Corporate Debtor defaulted on a payment of Rs. 37,63,507/- including interest at 12% p.a. The Corporate Debtor had requested financial assistance of Rs. 35,00,000 from the Petitioner, which was granted as an unsecured corporate loan. The Corporate Debtor confirmed the receipt of the loan and issued a promissory note. A cheque issued by the Corporate Debtor for repayment was dishonored due to insufficient funds.

## Facts

Moli Merchant Traders Private Limited (the Petitioner) sought to initiate the Corporate Insolvency Resolution Process (CIRP) against Enrich Shreya Marine Infrastructures Private Limited (the Corporate Debtor) under Section 7 of the Insolvency and Bankruptcy Code, 2016. The basis for the petition was a default in payment of Rs. 37,63,507/-, including interest, on a loan of Rs. 35,00,000/-. The Corporate Debtor had requested the loan, which the Petitioner granted on 15.07.2019, with an interest rate of 12% p.a. The Corporate Debtor confirmed receipt of the loan and issued a promissory note dated 15.07.2019. A cheque for Rs. 35,00,000/- issued by the Corporate Debtor on 16.01.2020, was dishonored due to 'funds insufficient'. The Corporate Debtor admitted to availing the

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor defaulted in repaying the financial assistance availed from the …

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

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**Reasoning:** The NCLT observed that the Corporate Debtor had availed financial assistance of Rs.

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**Interpretation:** Section 7 of the IBC is interpreted to mean that if a financial debt exists,

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**Application:** In this case, the Petitioner provided evidence of the loan agreement,

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## Parties

- **Judges:** SUCHITRA KANUPARTH…; Chandra Bha…; +1 more
- **Appellants:** Moli Merchant…
- **Respondents:** Enrich Shreya…; M/S Enrich Shreya…
- **Advocates:** Geeta Lun…; Naveen Mahe…; +1 more

## Timeline

- **2019-07-10 — Petitioner's…**: The Corporate Debtor requested the Petitioner to grant it financial assistance for an…
- **2019-07-13 — Petitioner'…**: The Petitioner agreed to provide financial assistance to the Corporate Debtor by way of…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 14 — Moratorium](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-14)

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