# In the matter of Goldline Ventures Private Limited C.P. No. IB-1634(PB)-2018

> NCLT judgment dated 2019-02-20. Citation: TCN-2019-NCLT-04749. The case involves an application filed by M/s. Swaraj Overseas, the Financial Creditor, under…

- **Court:** NCLT
- **Order date:** 20 Feb 2019
- **Citation:** TCN-2019-NCLT-04749
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/goldline-ventures-private-limited-cp-no-ib-1634pb-2018-60bc0797

## Summary

### Background

The case involves an application filed by M/s. Swaraj Overseas, the Financial Creditor, under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Goldline Ventures Private Limited, the Corporate Debtor. The Financial Creditor claimed that it had extended a loan of Rs. 3,90,00,000/- to the Corporate Debtor, which the latter failed to repay along with interest as per the agreed terms. The Corporate Debtor acknowledged the loan but cited financial difficulties and demonetization as reasons for its inability to repay. The Financial Creditor asserted that a default had occurred and that the application was complete in all respects, fulfilling the requirements of Section 7 of the IBC.

## Facts

M/s. Swaraj Overseas, a partnership firm engaged in the business of 'SS Sheets,' filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Goldline Ventures Private Limited. The Financial Creditor claimed that it had extended a loan of Rs. 3,90,00,000/- to the Corporate Debtor for a period of three months, as per an agreement dated 20.06.2018. The loan was to be repaid by 21.09.2018 with interest at 15% per annum. The Corporate Debtor failed to repay the loan amount along with interest on the due date. The Corporate Debtor requested an extension of one month, but even after the extension, the loan amount was not repaid. The Financial Creditor sent a demand notice dated 06.11.2018 seeking a refund of Rs. 3,90,00,000/- along with interest.

…

## Issues and analysis

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

**Ratio:** Section 7 of the IBC outlines the procedure for initiating the Corporate Insolvency

…

**Reasoning:** The court examined the application and found that it was filed in the prescribed form and

…

**Interpretation:** Section 7 of the IBC requires the Adjudicating Authority to be satisfied that a

…

**Application:** The court found that the application was complete and met all the requirements

…

## Parties

- **Judges:** M. M. K…; S.K. МОНА…
- **Appellants:** M/s. Swaraj…
- **Respondents:** Goldline Ventures…

## Timeline

- **2018-06-20 — Loan Agre…**: Agreement executed between the Financial Creditor and the Corporate Debtor for a loan of…
- **2018-09-21 — Repayment D…**: The date by which the Corporate Debtor was to…

## 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)

---

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/goldline-ventures-private-limited-cp-no-ib-1634pb-2018-60bc0797