# In the matter of Gloabtel Convergence Limited CP (IB) - 3795-I&BP-MB-2018

> NCLT judgment dated 2019-02-04. Citation: TCN-2019-NCLT-05026. Ms. Darshita Haresh Mehta, the petitioner, initiated the Corporate Insolvency Resolution…

- **Court:** NCLT
- **Order date:** 4 Feb 2019
- **Citation:** TCN-2019-NCLT-05026
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/gloabtel-convergence-limited-cp-ib-3795-ibp-mb-2018-ad9e470b

## Summary

### Background

Ms. Darshita Haresh Mehta, the petitioner, initiated the Corporate Insolvency Resolution Process (CIRP) against Gloabtel Convergence Limited, the corporate debtor, under Section 7 of the Insolvency and Bankruptcy Code, 2016. The petitioner claimed that the corporate debtor defaulted on a payment of Rs. 95,28,888/- including interest, due on 15.07.2015. The petitioner had advanced Rs. 35 lacs to the corporate debtor on 16.10.2014. The corporate debtor acknowledged the debt and promised repayment with interest. The corporate debtor issued dishonored cheques and made email communications acknowledging the debt. The corporate debtor contested the petition, arguing that the amount was an investment, not a financial debt, and that the claim was barred by limitation.

## Facts

Ms. Darshita Haresh Mehta advanced Rs. 35 lacs to Gloabtel Convergence Limited on 16.10.2014 via RTGS. The Corporate Debtor, in a letter dated 10.04.2015, admitted liability of Rs. 41,12,500/- and promised payment by 15.05.2015, with interest at 2.25% p.m. compounded quarterly if payment was delayed. On 15.05.2015, the Corporate Debtor acknowledged a liability of Rs. 42,97,560/- with the same interest terms. The Corporate Debtor issued seven dishonored cheques dated 23.02.2016 totaling Rs. 34 lacs. An email from the Corporate Debtor dated 10.03.2016 acknowledged the debt and promised repayment. The Corporate Debtor argued the amount was an investment, not a financial debt, and the claim was time-barred. A letter dated 10.04.2015 from the Corporate Debtor to Ms. Mehta

…

## Issues and analysis

### Issue 1: Whether the amount disbursed by the Petitioner to the Corporate Debtor constitutes a 'financial …

**Ratio:** A 'financial debt' means a debt along with interest, if any, which is disbursed against

…

**Reasoning:** The Corporate Debtor acknowledged the liability with interest payable in a letter. Even

…

**Interpretation:** Section 5(8) of the Code defines 'financial debt' broadly to include any debt

…

**Application:** The Corporate Debtor's letter acknowledging the debt and promising repayment

…

## Parties

- **Judges:** Bhaskara Pantula…; V. Nallasen…
- **Appellants:** Darshita Haresh…
- **Respondents:** Gloabtel Convergen…

## Timeline

- **2014-10-16 — Loan Adv…**: The Petitioner advanced a sum of Rs. 35 lacs…
- **2015-04-10 — Liability A…**: The Corporate Debtor by letter dated 10.04.2015 admitted liability to the extent of Rs.…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 5(7) — Definitions](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-5)

---

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/gloabtel-convergence-limited-cp-ib-3795-ibp-mb-2018-ad9e470b