# In the matter of Green Belt Industry Private Limited

> Read the full IBC case summary for In the matter of Green Belt Industry Private Limited. NCLT judgment dated 2025-08-21. Citation: TCN-2025-NCLT-01279.

- **Court:** NCLT
- **Order date:** 21 Aug 2025
- **Citation:** TCN-2025-NCLT-01279
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/green-belt-industry-private-limited-41d3c612

## Summary

### Background

The Financial Creditor filed an application under Section 7 of the IBC to initiate Corporate Insolvency Resolution Process against the Corporate Debtor due to an unresolved financial debt of Rs. 7,03,39,308/-.

## Facts

IFCI Venture Capital Funds Ltd, the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s. Green Belt Industry Private Limited, the Corporate Debtor. The application, filed on March 8, 2025, was based on an unresolved financial debt amounting to Rs. 7,03,39,308/-.

The Corporate Debtor, incorporated on December 20, 2012, requested financial assistance from the Financial Creditor. An Investment Agreement was executed on January 4, 2017, for a part finance of Rs. 5,00,00,000/-, which included Rs. 4,99,00,000/- in the form of 4,99,000 Optionally Convertible Debentures (OCDs) and Rs. 1,00,000/- in the form of 10,000 equity shares.

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## Issues and analysis

### Issue 1: Whether the application filed under Section 7 of…

**Ratio:** The application under Section 7 of the IBC is within the period of limitation due to the…

**Reasoning:** The Tribunal considered the Supreme Court's Suo Motu order excluding the period from…

**Interpretation:** The court interpreted the Supreme Court's Suo Motu order and Section 22 of the…

**Application:** Given the Corporate Debtor's continuous default since March 31, 2019, and the…

## Parties

- **Judges:** Rammurti Ku…; Yogendra Kumar…
- **Advocates:** For Petitioner…; Z. Khan, Adv. For…

## Timeline

- **December 20, 2012 — Incorporation of…**: Green Belt Industry Private Limited was…
- **December 29, 2014 — Investment Management…**: IFCI Ltd (Settlor) and IL&FS Trust Company Ltd (Trustee) entered into an Investment…

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