# In the matter of LAKHARI RESOURCES PRIVATE LIMITED

> Read the full IBC case summary for In the matter of LAKHARI RESOURCES PRIVATE LIMITED. NCLT judgment dated 2025-08-22. Citation: TCN-2025-NCLT-01244.

- **Court:** NCLT
- **Order date:** 22 Aug 2025
- **Citation:** TCN-2025-NCLT-01244
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/lakhari-resources-private-limited-672c8e89

## Summary

### Background

The financial creditor filed a petition under Section 7 of the IBC, 2016, to initiate Corporate Insolvency Resolution Process against the corporate debtor due to default in repayment of financial debt. The corporate debtor, in turn, filed an application seeking approval of a repayment plan to settle the debts.

## Facts

Unity Small Finance Bank Limited, the financial creditor, filed a petition, CP(IB)/157(CHE)/2024, under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC), to initiate the Corporate Insolvency Resolution Process (CIRP) against Lakhari Resources Private Limited, the corporate debtor. The financial creditor's registered office is in Mumbai, and the corporate debtor's registered office is in Chennai. The corporate debtor was incorporated on October 1, 2018, with an authorized capital of Rs. 4.50 crores and a paid-up share capital of Rs. 1.90 crores.

## Issues and analysis

### Issue 1: Whether a petition filed under Section 7 of IBC, 2016 may be rejected on the ground of…

**Ratio:** The Adjudicating Authority, under Section 7(5) of IBC, 2016, has a binary choice: admit…

**Reasoning:** The Tribunal referred to Section 7(5) of IBC, 2016, and Supreme Court judgments in…

**Interpretation:** The court interpreted **Section 7(5)** of the IBC, 2016, in light of Supreme…

**Application:** Given that the financial creditor found the corporate debtor's repayment…

## Parties

- **Judges:** SANJIV…; Venkataraman…
- **Advocates:** For Petitioner:…; For Corporate…

## Timeline

- **August 17, 2022 — Term Loan Ag…**: The Corporate Debtor availed term loan…
- **September 30, 2023 — Sales Bills Discounting…**: The Corporate Debtor availed sales bills discounting facilities from the Financial…

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