# In the matter of Klisma E-Services Private Limited CP (IB) 3834-MB-2019

> NCLT judgment dated 2020-01-20. Citation: TCN-2020-NCLT-02266. Persistent Systems Limited initiated Corporate Insolvency Resolution Process (CIRP) against…

- **Court:** NCLT
- **Order date:** 20 Jan 2020
- **Citation:** TCN-2020-NCLT-02266
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/klisma-e-services-private-limited-cp-ib-3834-mb-2019-6d720945

## Summary

### Background

Persistent Systems Limited initiated Corporate Insolvency Resolution Process (CIRP) against Klisma E-Services Private Limited, the Corporate Debtor, due to a default on an Inter Corporate Deposit (ICD) or loan. The Corporate Debtor, acting as a Corporate Guarantor, defaulted on a loan amounting to ₹2,74,26,663/-. The Petitioner and the Corporate Debtor entered into an Inter Corporate Loan Agreement on 07.05.2012, where the Petitioner granted the ICD to the Corporate Debtor in multiple tranches from June 2012 to March 2013. The repayment was scheduled in three tranches.

## Facts

Persistent Systems Limited ('Petitioner') provided an Inter Corporate Deposit (ICD) or loan of ₹2,74,26,663/- to Klisma E-Services Private Limited ('Corporate Debtor') under an agreement dated 07.05.2012. The ICD was disbursed in multiple tranches between June 2012 and March 2013. The repayment was scheduled in three tranches: 50% by March 31, 2016, 25% by September 30, 2017, and 25% by March 31, 2019. The Corporate Debtor acknowledged the debt in a letter dated 31.03.2013. The Petitioner demanded repayment through letters dated 05.04.2016, 10.10.2017, 12.04.2019, and 26.07.2019. The Corporate Debtor's balance sheets for 2016-17 and 2017-18 showed the Petitioner as a creditor. The Corporate Debtor accepted the liability and default in written submissions. The relevance

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor defaulted in repaying the Inter Corporate Deposit (ICD) to the …

**Ratio:** A financial debt exists when there is a debt along with interest, if any, which is

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**Reasoning:** The Corporate Debtor acknowledged the debt amount of ₹2,74,26,663/- in its written

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**Interpretation:** The legal issue revolves around the definition of 'financial debt' and

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**Application:** The ratio and reasoning apply to the specific facts by demonstrating that the

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## Parties

- **Judges:** SUCHITRAKAN…; V. Nallasen…
- **Appellants:** Persistent…
- **Respondents:** Klisma E-Services…

## Timeline

- **2012-05-07 — Inter Corporate Loan…**: Petitioner and Corporate Debtor entered…
- **2012-06-01 — ICD Disburseme…**: Disbursement of Inter Corporate Deposit…

## 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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