# Mona Portfolio Ltd. vs. Mr. Mohit Chawla, Resolution Professional of Chandigarh Overseas Private Limited

> NCLT judgment dated 2026-07-10. Citation: TCN-2026-NCLT-00674. Mona Portfolio Ltd. (Applicant), an erstwhile NBFC, filed an application against Mr. Mohit…

- **Court:** NCLT
- **Order date:** 10 Jul 2026
- **Citation:** TCN-2026-NCLT-00674
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/mona-portfolio-ltd-vs-mr-mohit-chawla-resolution-professional-of-chandigarh-over-uqdhq

## Summary

### Background

Mona Portfolio Ltd. (Applicant), an erstwhile NBFC, filed an application against Mr. Mohit Chawla, RP of Chandigarh Overseas Private Limited (Corporate Debtor), seeking reclassification of its claim from "related party" to "independent financial creditor." The Applicant claimed that its control and shareholding were transferred from the Setia family (related to the Corporate Debtor) to an unrelated group in FY 2018-2019, thereby severing its related party status. The RP, however, maintained that the Applicant remained a related party and disputed the authenticity of documents presented by the Applicant, also questioning if the debt qualified as a "financial debt."

## Facts

Mona Portfolio Ltd. (Applicant Company), an erstwhile NBFC, is currently undergoing CIRP.

Mr. Kailash Shah was appointed as the Resolution Professional for Mona Portfolio Ltd. on 11.02.2025.

The Applicant Company filed I.A.(I.B.C)/1082(CH)2025 under Section 60(5) read with Section 42 of the Insolvency and Bankruptcy Code, 2016.

The application seeks directions to the Resolution Professional (Mr. Mohit Chawla) of Chandigarh Overseas Private Limited (Corporate Debtor) to reclassify the Applicant's claim as an independent Financial Creditor.

The RP of the Corporate Debtor had classified the Applicant's claim as that of a "Related Party."

…

## Issues and analysis

### Issue 1: Whether the Applicant has established that the amount claimed constitutes a "Financial …

**Ratio:** The mere existence of accounting entries or a running account, without primary

…

**Reasoning:** The Applicant primarily relied on ledger extracts but failed to produce primary

…

**Interpretation:** Section 5(8) of the Code requires clear evidence of a "financial

…

**Application:** In this case, the Applicant's failure to provide the requisite primary

…

## Parties

- **Judges:** KHETRABASI…; SHISHIR A…
- **Appellants:** Mona Portfolio…; Kone Elevator…
- **Respondents:** Chandigarh…; Mohit C…
- **Other parties:** Committee of…; Tejinder…; +5 more
- **Advocates:** Munisha G…; Joel…; +4 more

## Timeline

- **1996-03-13 — Incorporation of…**: Mona Portfolio Ltd. (Applicant…
- **2001-04-04 — RBI Certificate of…**: Applicant Company was granted an RBI Certificate of Registration to operate as a…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60(5) — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

---

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/mona-portfolio-ltd-vs-mr-mohit-chawla-resolution-professional-of-chandigarh-over-uqdhq