# In the matter of Growth Techno Projects Limited CP-IB-558(PB)-2021

> Read the full IBC case summary for In the matter of Growth Techno Projects Limited CP-IB-558(PB)-2021. NCLT judgment dated 2022-04-27. Citation:…

- **Court:** NCLT
- **Order date:** 27 Apr 2022
- **Citation:** TCN-2022-NCLT-04898
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/growth-techno-projects-limited-cp-ib-558pb-2021-fa2a5a8b

## Summary

### Background

The financial creditor filed an application under Section 7 of the IBC to initiate CIRP against the corporate debtor for an alleged financial debt arising from an advance given in 1997 for a residential project that was never started.

## Facts

Mr. Saroj Kumar Poddar, the financial creditor, filed an application on August 25, 2021, under Section 7 of the Insolvency and Bankruptcy Code, 2016, read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s. Growth Techno Projects Limited (GTPL), the corporate debtor. The corporate debtor, incorporated on January 16, 1985, is engaged in building and construction work.

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## Issues and analysis

### Issue 1: Whether the financial creditor has established a valid financial debt and default for the purpose…

**Ratio:** A financial creditor must demonstrate a valid financial debt and default, and the…

**Reasoning:** The NCLT found that while the corporate debtor acknowledged the debt in its balance…

**Interpretation:** The court interpreted the requirements for proving financial debt and default…

**Application:** Despite the corporate debtor's acknowledgments, the long unexplained gaps in…

## Parties

- **Judges:** Ramalingam…; AVINASH K.…
- **Advocates:** For the FC: Mr.…

## Timeline

- **January 3, 1997 — Loan Agre…**: Petitioner gave an advance of Rs. 50,00,000 to the Corporate Debtor for a residential…
- **January 3, 1999 — First De…**: The first default occurred as the loan…

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