# In the matter of Grishi mango Products and Exports Tamilnadu Private Limited CP-556-(IB)-2018

> NCLT judgment dated 2019-02-12. Citation: TCN-2019-NCLT-04877. The case involves a petition filed by Reliance Commercial Finance Limited, a non-banking…

- **Court:** NCLT
- **Order date:** 12 Feb 2019
- **Citation:** TCN-2019-NCLT-04877
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/grishi-mango-products-and-exports-tamilnadu-private-limited-cp-556-ib-2018-29615091

## Summary

### Background

The case involves a petition filed by Reliance Commercial Finance Limited, a non-banking financial company, against Grishi Mango Products and Exports Tamilnadu Private Limited, a company engaged in the mango business, under Section 7 of the Insolvency and Bankruptcy Code, 2016. The financial creditor provided a loan to the corporate debtor in 2011, but the corporate debtor defaulted on repayments. The financial creditor initiated arbitration proceedings and obtained an order from the Bombay High Court appointing a Court Receiver to take possession of the corporate debtor's assets.

## Facts

Reliance Commercial Finance Limited, a non-banking financial company registered on 03.01.1995, engaged in hire purchase, leasing, and advancing loans, filed a petition against Grishi Mango Products and Exports Tamilnadu Private Limited, a private limited company incorporated on 09.03.2004, involved in the mango business. In 2011, the corporate debtor approached the financial creditor for financial assistance, and the financial creditor provided ₹50,00,000/-. A loan agreement was executed on 27.06.2011, stipulating repayment from 01.08.2011. The corporate debtor defaulted, and a cheque for ₹1,10,425/- was returned due to 'Insufficient Funds'. A legal notice was issued on 26.09.2013, demanding repayment, but the corporate debtor failed to repay the principal and

…

## Issues and analysis

### Issue 1: Whether the company petition filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 …

**Ratio:** The principle of comity of courts dictates that tribunals should avoid issuing orders

…

**Reasoning:** The NCLT reasoned that since the Bombay High Court had already appointed a Court Receiver

…

**Interpretation:** The interpretation hinges on the hierarchy of courts and the need to avoid

…

**Application:** Given that the Bombay High Court had already appointed a Court Receiver, the

…

## Parties

- **Judges:** B.S.V. PRAKAKASH…; S. VIJAYARA…
- **Appellants:** M/s. Reliance…
- **Respondents:** M/s. Grishi Mango…

## Timeline

- **1995-01-03 — Registration of…**: Reliance Commercial Finance Limited…
- **2004-03-09 — Incorporation of…**: Grishi Mango Products and Exports…

## 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/grishi-mango-products-and-exports-tamilnadu-private-limited-cp-556-ib-2018-29615091