# In the matter of Sangeeta Aviation Services Private Limited C.P. No. 3073-IBC-MB-2019

> NCLT judgment dated 2021-08-10. Citation: TCN-2021-NCLT-01397. The case involves a petition filed by Gannon Dunkerley & Co. Ltd. (Financial Creditor) under…

- **Court:** NCLT
- **Order date:** 10 Aug 2021
- **Citation:** TCN-2021-NCLT-01397
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/sangeeta-aviation-services-private-limited-cp-no-3073-ibc-mb-2019-720af655

## Summary

### Background

The case involves a petition filed by Gannon Dunkerley & Co. Ltd. (Financial Creditor) under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Sangeeta Aviation Services Private Limited (Corporate Debtor). The Financial Creditor claims that the Corporate Debtor defaulted on payments. The petition is based on a decree obtained from the Bombay High Court for a sum of Rs. 1,32,25,753/-.

## Facts

Gannon Dunkerley & Co. Ltd. (Financial Creditor) provided financial assistance to Sangeeta Aviation Services Private Limited (Corporate Debtor) in May 2017 and on 22.03.2017. As part of repayment, the Corporate Debtor executed two bills of exchange for Rs. 50 lacs each, due on 22.06.2017 and 14.05.2018. Upon the Corporate Debtor's failure to repay, the Financial Creditor approached the Bombay High Court, which passed an order for payment of Rs. 1 crore plus interest, totaling Rs. 1,21,71,242/-, and costs of Rs. 5.20 Lacs. As of the date of the petition, the total amount due was Rs. 1,32,25,753/-. Even after the High Court's order, the Corporate Debtor failed to make the payment. The Corporate Debtor argued that the claim is based on a decree and lacks the essential

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## Issues and analysis

### Issue 1: Whether the present Company Petition filed by Financial Creditor on the basis of a decree passed by …

**Ratio:** A Company Petition filed on the basis of a decree is a Financial Debt within the meaning

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**Reasoning:** The NCLT relied on the ruling of Hon'ble NCLAT, which held that a Company Petition filed

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**Interpretation:** The interpretation is that a decree obtained from a competent court, such as

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**Application:** The Financial Creditor obtained a decree from the Bombay High Court against the

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## Parties

- **Judges:** H.V. Subb…; Chandra Bha…
- **Appellants:** Gannon Dunkerley…
- **Respondents:** Sangeeta Aviation…

## Timeline

- **2017-05-01 — Financial Assistance…**: Financial Creditor provided…
- **2017-03-22 — Financial Assistance…**: Financial Creditor provided…

## 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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