# In the matter of Noble Resourcing Business & Solutions Private Limited C.P. No. IB-494(PB)-2017

> NCLT judgment dated 2018-09-25. Citation: TCN-2018-NCLT-00726. Reliance Commercial Finance Limited filed an application under Section 7 of the Insolvency and…

- **Court:** NCLT
- **Order date:** 25 Sept 2018
- **Citation:** TCN-2018-NCLT-00726
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/noble-resourcing-business-solutions-private-limited-cp-no-ib-494pb-2017-b8651e38

## Summary

### Background

Reliance Commercial Finance Limited filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Noble Resourcing Business & Solutions Private Limited. The financial creditor claimed that the corporate debtor defaulted on a loan facility. The debt was originally payable to Reliance Capital Finance Limited and was transferred to Reliance Commercial Finance Limited following a scheme of arrangement sanctioned by the Bombay High Court. The corporate debtor opposed the application, raising concerns about discrepancies in loan disbursement and repayment.

## Facts

Reliance Commercial Finance Limited (Financial Creditor) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Noble Resourcing Business & Solutions Private Limited (Corporate Debtor). The Financial Creditor claimed that the Corporate Debtor defaulted on a loan facility. The debt was originally payable to Reliance Capital Finance Limited and was transferred to Reliance Commercial Finance Limited following a scheme of arrangement sanctioned by the Bombay High Court on 09.12.2016. The Financial Creditor sanctioned a loan of Rs. 1,06,35,000/- to the Corporate Debtor for purchasing three machines, disbursing the loan on 30.09.2015. The Corporate Debtor failed to make payments

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## Issues and analysis

### Issue 1: Whether the Financial Creditor has met the requirements under Section 7 of the Insolvency and …

**Ratio:** Section 7 of the Insolvency and Bankruptcy Code, 2016, outlines the procedure for

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**Reasoning:** The NCLT considered the submissions of both parties, including the evidence of default

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**Interpretation:** Section 7 of the IBC is interpreted to mean that if a financial creditor can

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**Application:** In this case, the NCLT applied the provisions of Section 7 to the facts

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## Parties

- **Judges:** M. M. K…; S. K. MOH…
- **Appellants:** Reliance Commercia…
- **Respondents:** Noble Resourcing…
- **Advocates:** Soumya…; Soumyajit…; +3 more

## Timeline

- **2000-08-17 — Incorporation of…**: Reliance Commercial Finance Limited…
- **2009-01-12 — Incorporation of…**: Noble Resourcing Business & Solutions…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 5(7) — Definitions](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-5)

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