# In the matter of Senioreetaa Designer Ensembles Pvt. Ltd. C.P. (IB) No. 1096-KB-2019

> NCLT judgment dated 2020-01-16. Citation: TCN-2020-NCLT-02313. Oracle Finvest and Consultants Private Limited filed an application under Section 7 of the…

- **Court:** NCLT
- **Order date:** 16 Jan 2020
- **Citation:** TCN-2020-NCLT-02313
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/senioreetaa-designer-ensembles-pvt-ltd-cp-ib-no-1096-kb-2019-930f90bb

## Summary

### Background

Oracle Finvest and Consultants Private Limited filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Senioreetaa Designer Ensembles Private Limited. The financial creditor claimed a default of Rs. 7 lakhs, stating the date of default as 23.11.2017. The financial creditor had financed Rs. 9 lakhs to the corporate debtor on 29.05.2015 with interest, and the corporate debtor refunded Rs. 2 lakhs on two different dates and paid interest up to 31.07.2017. Subsequently, no further interest or loan amount was received, leading to the petition.

## Facts

Oracle Finvest and Consultants Private Limited (Financial Creditor) provided a loan of Rs. 9 lakhs to Senioreetaa Designer Ensembles Private Limited (Corporate Debtor) on 29.05.2015, with interest. The Corporate Debtor repaid Rs. 2 lakhs in installments and paid interest until 31.07.2017. The Financial Creditor claimed that the Corporate Debtor defaulted on payments, with the date of default stated as 23.11.2017, and filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate CIRP. The Corporate Debtor argued that the loan was payable in May 2021, presenting evidence to support this claim. The Financial Creditor presented a cheque dated 23.11.2017 for Rs. 7 lakhs, which was not accepted. The Corporate Debtor claimed to have given

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## Issues and analysis

### Issue 1: Whether the application filed by the Financial Creditor under Section 7 of the Insolvency and …

**Ratio:** Section 7 of the Insolvency and Bankruptcy Code, 2016 allows a financial creditor to

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**Reasoning:** The court considered the submissions from both parties and the material on record. It

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**Interpretation:** Section 7 of the IBC requires the establishment of a debt that is due and

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**Application:** The court determined that the loan was repayable on demand or its tenure was

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## Parties

- **Judges:** Madan B.…; Virendra Kumar…
- **Appellants:** Oracle Finvest…
- **Respondents:** Senioreetaa…

## Timeline

- **2015-05-29 — Loan Disb…**: Financial Creditor financed Rs. 9…
- **2017-07-31 — Last Interest…**: Corporate Debtor paid…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 14 — Moratorium](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-14)

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