# Hiveloop Capital Private Limited vs. RVD Sales Private Limited

> NCLT judgment dated 2026-06-11. Citation: TCN-2026-NCLT-00568. Hiveloop Capital Private Limited (Financial Creditor) filed an application under Section 7 of…

- **Court:** NCLT
- **Order date:** 11 Jun 2026
- **Citation:** TCN-2026-NCLT-00568
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/hiveloop-capital-private-limited-vs-rvd-sales-private-limited-f8anm

## Summary

### Background

Hiveloop Capital Private Limited (Financial Creditor) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) against RVD Sales Private Limited (Corporate Debtor) for initiating Corporate Insolvency Resolution Process (CIRP). The application stemmed from the Corporate Debtor's default on a Small Business Hypothecation Loan of ₹1,00,00,000/- disbursed by the Financial Creditor. Despite an Arbitral Award dated 25.05.2023 in favor of the Financial Creditor and a subsequent demand notice dated 14.10.2023, the outstanding dues of ₹1,33,27,816/- (as of 10.10.2023) remained unpaid. The Corporate Debtor was proceeded ex-parte due to non-appearance.

## Facts

Hiveloop Capital Private Limited (Applicant/Financial Creditor) is a company incorporated under the Companies Act, 2013, licensed as a Non-Banking Financial Institution (NBFI), engaged in extending financial assistance through its digital lending platform.

RVD Sales Private Limited (Corporate Debtor) approached Hiveloop Capital for a Small Business Hypothecation Loan.

Hiveloop Capital sanctioned and disbursed a loan facility of ₹1,00,00,000/- to RVD Sales Private Limited under Loan Account No. ORG6H0CSLEK7QQQC43NBPMBNJ1XOV on 28.06.2022.

The Corporate Debtor executed requisite loan and security documents, including a Loan Agreement, and undertook to repay the loan amount with applicable interest.

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## Issues and analysis

### Issue 1: Whether there is a "Financial Debt" as defined under Section 5(8) of the Insolvency and …

**Ratio:** A debt qualifies as "Financial Debt" under Section 5(8) of the IBC if there is

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**Reasoning:** The Applicant sanctioned and disbursed a loan facility of ₹1,00,00,000/- to the Corporate

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**Interpretation:** Section 5(8) of the IBC broadly defines 'Financial Debt' to include any debt

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**Application:** The loan transaction between Hiveloop Capital Private Limited and RVD Sales

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## Parties

- **Judges:** KHETRABASI…; SHISHIR A…
- **Appellants:** Hiveloop Capital…; Sh. Vijay Kumar…
- **Respondents:** RVD Sales Private…
- **Other parties:** Rajiv Bh…
- **Advocates:** Karanveer…

## Timeline

- **2022-06-28 — Loan Sanctioned and…**: Hiveloop Capital Private Limited sanctioned and disbursed a loan facility of…
- **2022-11-19 — Last Disbur…**: The last disbursement under the loan…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 5(8) — Definitions](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-5)

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