# In the matter of New Win Win Feeds Private Limited CP (IB) No. 852-KB-2018

> NCLT judgment dated 2019-03-20. Citation: TCN-2019-NCLT-04382. Reliance Commercial Finance Limited filed an application under Section 7 of the Insolvency and…

- **Court:** NCLT
- **Order date:** 20 Mar 2019
- **Citation:** TCN-2019-NCLT-04382
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/new-win-win-feeds-private-limited-cp-ib-no-852-kb-2018-0ecce821

## Summary

### Background

Reliance Commercial Finance Limited filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against New Win Win Feeds Private Limited, the Corporate Debtor, due to a default in paying a financial debt of Rs.8,06,18,559/-. The financial creditor stated that it is a non-banking company and had disbursed a loan of Rs.8 crores to the corporate debtor as per a loan agreement dated 28.12.2016. The corporate debtor defaulted on 26.03.2018, despite a demand notice.

## Facts

Reliance Commercial Finance Limited, a non-banking financial company, extended a loan of Rs. 8 crores to New Win Win Feeds Private Limited, the Corporate Debtor, under a loan agreement dated 2016-12-28. The Corporate Debtor defaulted in repaying the loan on 2018-03-26, leading Reliance Commercial Finance Limited to issue a demand notice. Despite the notice, the Corporate Debtor failed to repay the loan. Consequently, Reliance Commercial Finance Limited filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against New Win Win Feeds Private Limited. The Corporate Debtor contested the application, arguing that it was not filed by a duly authorized representative of the financial

…

## Issues and analysis

### Issue 1: Whether the application under Section 7 of the Insolvency and Bankruptcy Code, 2016, filed by …

**Ratio:** An application under Section 7 of the Insolvency and Bankruptcy Code, 2016, is

…

**Reasoning:** The Adjudicating Authority noted that the Corporate Debtor did not dispute the existence

…

**Interpretation:** Section 7 of the IBC allows a financial creditor to initiate CIRP against a

…

**Application:** In this case, the Corporate Debtor's failure to dispute the debt and default,

…

## Parties

- **Judges:** Madan B.…
- **Appellants:** Reliance Commercia…
- **Respondents:** New Win Win Feeds…

## Timeline

- **2016-12-28 — Loan Agre…**: Reliance Commercial Finance Ltd. granted a loan of Rs. 8 crores to New Win Win Feeds…
- **2018-03-26 — Default o…**: New Win Win Feeds Private Limited…

## 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)

---

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/new-win-win-feeds-private-limited-cp-ib-no-852-kb-2018-0ecce821