# M/s. NIMBUS INTERNATIONAL PVT. LTD. vs. MRISHI MARCNDEY INDIA LTD.

> NCLT judgment dated 2026-08-19. Citation: TCN-2026-NCLT-00867. M/s. NIMBUS INTERNATIONAL PVT. LTD., a Financial Creditor, filed a petition under Section 7 of…

- **Court:** NCLT
- **Order date:** 19 Aug 2026
- **Citation:** TCN-2026-NCLT-00867
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/ms-nimbus-international-pvt-ltd-vs-mrishi-marcndey-india-ltd-z287i

## Summary

### Background

M/s. NIMBUS INTERNATIONAL PVT. LTD., a Financial Creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against MRISHI MARCNDEY INDIA LTD., the Corporate Debtor, for initiation of Corporate Insolvency Resolution Process (CIRP). The petition alleged that the Corporate Debtor availed an unsecured loan of Rs. 1,25,00,000/- from the Financial Creditor but failed to repay the principal and accrued interest, leading to a default on 16.05.2024. The Corporate Debtor had acknowledged its liability multiple times and sought extensions but ultimately failed to make payment despite receiving demand notices.

## Facts

M/s. NIMBUS INTERNATIONAL PVT. LTD. (Petitioner) is a Financial Creditor, incorporated on 25.06.2012.

MRISHI MARCNDEY INDIA LTD. (Respondent) is the Corporate Debtor, a Public Limited Company incorporated on 19.11.1996.

The Petitioner filed a petition under Section 7 of the IBC, 2016, for initiation of CIRP against the Corporate Debtor.

The Corporate Debtor sought financial assistance in the form of an unsecured loan of Rs. 1,25,00,000/- from the Financial Creditor for two months.

An Agreement for the loan was entered into on 15.03.2024.

The Financial Creditor disbursed the loan amount on 16.03.2024 through RTGS transfers in three lots (Rs. 25,00,000/-, Rs. 50,00,000/-, Rs. 50,00,000/-) from its account with Rajkot Nagarik Sahakari Bank Ltd.

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## Issues and analysis

### Issue 1: Whether M/s. NIMBUS INTERNATIONAL PVT. LTD. qualifies as a Financial Creditor and whether the loan …

**Ratio:** An advance made for business purposes, against payment of interest, where disbursement is

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**Reasoning:** The Petitioner (M/s. NIMBUS INTERNATIONAL PVT. LTD.) disbursed an unsecured loan of Rs.

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**Interpretation:** The definition of "Financial Debt" under the IBC, 2016, encompasses

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**Application:** M/s. NIMBUS INTERNATIONAL PVT. LTD. is a Financial Creditor, and the loan of

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## Parties

- **Judges:** Vinay…; Sh. Shishir…
- **Appellants:** M/s. NIMBUS…
- **Respondents:** MRISHI MARCNDEY…
- **Other parties:** Committee of…; Prashant…
- **Advocates:** Sandeep Wa…; Gurjot…; +2 more

## Timeline

- **1996-11-19 — Corporate Debtor…**: MRISHI MARCNDEY INDIA…
- **2012-06-25 — Financial Creditor…**: M/s. NIMBUS INTERNATIONAL…

## 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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