# In the matter of Kaliber Associates Pvt. Ltd. (IB)228(PB)-2018

> NCLT judgment dated 2019-06-12. Citation: TCN-2019-NCLT-02957. The case involves a petition filed by an applicant aggrieved by the inclusion of non-applicants…

- **Court:** NCLT
- **Order date:** 12 Jun 2019
- **Citation:** TCN-2019-NCLT-02957
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/kaliber-associates-pvt-ltd-ib228pb-2018-5bf2204f

## Summary

### Background

The case involves a petition filed by an applicant aggrieved by the inclusion of non-applicants 3-6 as financial creditors and members of the Committee of Creditors (COC). The applicant argues that this inclusion dilutes their voting rights, as there is no written agreement or repayable amount with interest. The financial transactions of the non-applicants are evidenced by bank transactions and confirmed by the IRP as reflected debts in the corporate debtor's balance sheet. Another grievance is that the RP is not considering their financial claim in view of a proposed settlement. The settlement was conditional upon the termination of the CIR process, which was rejected by the bench, leading to no payment being made.

## Facts

Relan Buildwell Pvt. Ltd. is the corporate debtor. The petitioner/applicant is aggrieved by the inclusion of non-applicants 3-6 as financial creditors and members of the COC, arguing it dilutes their voting rights. There is no written agreement or repayable amount with interest for the claims of non-applicants 3-6. However, the financial transactions of the non-applicants are evidenced by bank transactions and confirmed by the IRP as reflected debts in the corporate debtor's balance sheet. The applicant also claims the RP is not considering their financial claim due to a proposed settlement, which was conditional on the termination of the CIR process. The IBBI was initially a party but was discharged due to improper arrayal.

## Issues and analysis

### Issue 1: Whether the claims of non-applicants 3-6 should be considered as financial claims and whether they …

**Ratio:** Claims based on undisputed financial transactions, duly acknowledged by the Corporate

…

**Reasoning:** The court reasoned that the financial transactions of the non-applicants were evidenced

…

**Interpretation:** The court interpreted that if a financial transaction is undisputed and

…

**Application:** The court applied this principle to the facts, holding that the non-applicants

…

## Parties

- **Judges:** V.K. SUB…; Ina Mal…
- **Respondents:** Relan Buildwell…; Kaliber Associates…

## Timeline

- **2019-06-12 — Hearing…**: Hearing before the New Delhi Bench of…
- **2019-07-09 — Further Consideration…**: Case listed for further…

## 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/kaliber-associates-pvt-ltd-ib228pb-2018-5bf2204f