# In the matter of Janpragti Commodities Private Limited C P No. 1689-KB-2019

> NCLT judgment dated 2021-07-15. Citation: TCN-2021-NCLT-01715. The Financial Creditor, M/s Dhiraj Enterprises Private Limited, filed an application under…

- **Court:** NCLT
- **Order date:** 15 Jul 2021
- **Citation:** TCN-2021-NCLT-01715
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/janpragti-commodities-private-limited-c-p-no-1689-kb-2019-1fa59193

## Summary

### Background

The Financial Creditor, M/s Dhiraj Enterprises Private Limited, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor, M/s Janpragti Commodities Private Limited, due to an alleged default in payment of a financial debt.

## Facts

M/s Dhiraj Enterprises Private Limited, the Financial Creditor, filed an application 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. The application sought to initiate the Corporate Insolvency Resolution Process against M/s Janpragti Commodities Private Limited, the Corporate Debtor. The Financial Creditor claimed a total outstanding sum of Rs. 74,97,874/-, including interest at 12%, with the default occurring on April 1, 2019. The Financial Creditor submitted a statement of account (Annexure-C) detailing the principal amount outstanding at the beginning of the year 2019-20 as Rs. 71,61,200/-, with interest of Rs. 3,36,674/- computed until August 21,

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## Issues and analysis

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

**Ratio:** An application under Section 7 of the IBC must be admitted if a financial debt and a

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**Reasoning:** The Corporate Debtor had admitted and confirmed the outstanding debt through signed

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**Interpretation:** The court interpreted **Section 7** of the Insolvency and Bankruptcy Code,

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**Application:** Given the Corporate Debtor's admission of the outstanding debt and the

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## Parties

- **Judges:** Rajasekha…; Harish Chander…; +2 more
- **Appellants:** M/s Dhiraj…
- **Respondents:** M/s Janpragti…
- **Advocates:** Mr Shaunak…; Urmila Chak…; +3 more

## Timeline

- **April 1, 2019 — Default…**: The date on which the default in…
- **August 21, 2019 — Interest Calculation…**: Interest on the outstanding principal…

## 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)

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