# In the matter of Laser Care India Pvt Ltd. C.P. (I.B) No. 140-7-NCLT-AHM-2017

> NCLT judgment dated 2017-12-22. Citation: TCN-2017-NCLT-00009. Bell Finvest (India) Ltd. filed a petition under Section 7 of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 22 Dec 2017
- **Citation:** TCN-2017-NCLT-00009
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/laser-care-india-pvt-ltd-cp-ib-no-140-7-nclt-ahm-2017-8ab2834b

## Summary

### Background

Bell Finvest (India) Ltd. filed a petition 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, to initiate the Corporate Insolvency Resolution Process (CIRP) against Laser Care India Private Limited. The Board of Directors of Bell Finvest (India) Ltd. had passed a resolution on 07.09.2017 to file the petition. Bell Finvest sanctioned a loan of Rs. 16.00 lacs to Laser Care India for business purposes, with a tenure of sixty months at 36% per annum. Laser Care India paid five monthly installments but defaulted thereafter.

## Facts

Bell Finvest (India) Ltd. extended a loan of Rs. 16.00 lacs to Laser Care India Pvt. Ltd. for business purposes, with a repayment tenure of sixty months at an interest rate of 36% per annum. The loan agreement was executed on 06.08.2016. Laser Care India made five monthly installment payments but subsequently defaulted. Bell Finvest issued a legal notice on 05.07.2017 to Laser Care India and its guarantors. As of 24.02.2017, the arrears of additional interest amounted to Rs. 4,05,408. Bell Finvest filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against Laser Care India. Laser Care India did not appear before the court or file any objections. Bell Finvest proposed the

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## Issues and analysis

### Issue 1: Whether the petition filed by Bell Finvest (India) Ltd. under Section 7 of the Insolvency and …

**Ratio:** Section 7 of the Insolvency and Bankruptcy Code, 2016, allows a financial creditor to

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**Reasoning:** The court perused the documents filed by the petitioner and found them to be complete in

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**Interpretation:** Section 7 of the IBC provides the mechanism for a financial creditor to trigger

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**Application:** The court applied Section 7 of the IBC and found that Bell Finvest's petition

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## Parties

- **Judges:** BIKKI RAVEENDRA…; Manorama…
- **Appellants:** Bell Finvest…
- **Respondents:** Laser Care India…

## Timeline

- **2016-08-06 — Loan Agre…**: Loan agreement entered between Bell Finvest…
- **2017-02-24 — Arrears of I…**: Arrears of additional interest…

## 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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