# In the matter of Rangoli International Private Limited

> Read the full IBC case summary for In the matter of Rangoli International Private Limited. NCLT judgment dated 2025-09-02. Citation: TCN-2025-NCLT-01398.

- **Court:** NCLT
- **Order date:** 2 Sept 2025
- **Citation:** TCN-2025-NCLT-01398
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/rangoli-international-private-limited-31b5ff30

## Summary

### Background

The Central Bank of India, as a financial creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/s Rangoli International Private Limited (Corporate Debtor) due to a default in payment of financial debt.

## Facts

Central Bank of India, the financial creditor, filed a Company Petition under section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against M/s Rangoli International Private Limited, the corporate debtor. The petition was filed on October 23, 2024, alleging a default amount of Rs. 70,66,49,017.24/-, with the date of default stated as April 1, 2015. The corporate debtor's registered office in New Delhi established the NCLT's jurisdiction.

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## Issues and analysis

### Issue 1: Whether the application filed by the…

**Ratio:** The issuance of a Recovery Certificate gives rise to a fresh cause of action for…

**Reasoning:** The NCLT observed that the application was filed on May 13, 2024, while the recovery…

**Interpretation:** The NCLT interpreted the Supreme Court's ruling to mean that while a recovery…

**Application:** Given that the recovery certificate was issued on March 21, 2020, and the…

## Parties

- **Judges:** MANNI SANKARIAH…; ATUL CHAT…
- **Advocates:** For the Applicant:…; Ambuj M…; +2 more

## Timeline

- **March 16, 2009 — Incorporation of…**: M/s Rangoli International Private Limited (erstwhile Ria Overseas Limited and Runflat…
- **February 4, 2010 — Sanction Letter for…**: Central Bank of India issued a sanction letter for credit facilities to M/s Rangoli…

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