# In the matter of Monet Exports Private Limited C.P. No. (IB)-1347(PB)-2018

> NCLT judgment dated 2018-12-20. Citation: TCN-2018-NCLT-00032. Alchemist Asset Reconstruction Company Limited, the Financial Creditor, filed a petition under…

- **Court:** NCLT
- **Order date:** 20 Dec 2018
- **Citation:** TCN-2018-NCLT-00032
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/monet-exports-private-limited-cp-no-ib-1347pb-2018-acd7c96b

## Summary

### Background

Alchemist Asset Reconstruction Company Limited, the Financial Creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Monet Exports Private Limited, the Corporate Debtor. The Financial Creditor's claim arises from loan facilities extended to the Corporate Debtor, which subsequently defaulted. The Bank of India assigned its rights, title, interest, and benefit in respect of its claim against the Corporate Debtor to the Financial Creditor. The Corporate Debtor was served by substituted service, and proceeded ex-parte as no one appeared on their behalf.

## Facts

Alchemist Asset Reconstruction Company Limited, the Financial Creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Monet Exports Private Limited, the Corporate Debtor. The Financial Creditor's claim arises from loan facilities extended to the Corporate Debtor. The Corporate Debtor approached the Bank of India for credit facilities starting in 2001, receiving various credit facilities over the years. In 2014, Bank of India assigned its rights, title, interest, and benefit in respect of its claim against the Corporate Debtor to the Financial Creditor. The Corporate Debtor's account was declared a Non-Performing Asset (NPA) on 31.03.2013. The total amount in default as on

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## Issues and analysis

### Issue 1: Whether the requirements of Section 7 of the Insolvency and Bankruptcy Code, 2016 for initiating …

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

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**Reasoning:** The court found that the Financial Creditor had submitted sufficient evidence to prove

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

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**Application:** The court applied Section 7 to the facts of the case and found that the

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## Parties

- **Judges:** M. M. K…; DEEPTI M…
- **Appellants:** Alchemist Asset…
- **Respondents:** Monet Exports…

## Timeline

- **2001-01-01 — Credit Facilities…**: The Corporate Debtor approached the…
- **2007-03-15 — Registratio…**: Financial Creditor registered…

## 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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