# In the matter of Shree Ganesh Jewellery House (I) Ltd. Company Petition (IB) No. 579-KB-2017

> NCLT judgment dated 2018-02-12. Citation: TCN-2018-NCLT-01848. The case involves a Company Petition (IB) No.579/KB/2017 filed under Section 7 of the…

- **Court:** NCLT
- **Order date:** 12 Feb 2018
- **Citation:** TCN-2018-NCLT-01848
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/shree-ganesh-jewellery-house-i-ltd-company-petition-ib-no-579-kb-2017-b1c6fe82

## Summary

### Background

The case involves a Company Petition (IB) No.579/KB/2017 filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, by Abhishek Stock Broking Services Pvt. Ltd., Narayan Finvest Pvt. Ltd., Ayush Fiscal Pvt. Ltd., and Multiplus Resources Ltd. (collectively, the Financial Creditors) against Shree Ganesh Jewellery House (I) Ltd. (the Corporate Debtor) for initiation of corporate insolvency resolution process. The Financial Creditors claimed that the Corporate Debtor defaulted on loan repayments. The Corporate Debtor contested the application, denying the debt and the authenticity of the documents.

## Facts

Abhishek Stock Broking Services Pvt. Ltd., Narayan Finvest Pvt. Ltd., Ayush Fiscal Pvt. Ltd., and Multiplus Resources Ltd. are the financial creditors. Shree Ganesh Jewellery House (I) Ltd. is the corporate debtor. The financial creditors extended financial assistance to the corporate debtor in the form of loans. Abhishek Stock Broking Services Pvt. Ltd. granted a credit facility of Rs. 22,00,000/- to the corporate debtor. Narayan Finvest Pvt. Ltd. advanced a loan of Rs. 85,00,000/- to the corporate debtor. Ayush Fiscal Pvt. Ltd. advanced a loan of Rs. 65,00,000/- to the corporate debtor. Multiplus Resources Ltd. advanced a loan of Rs. 40,00,000/- to the corporate debtor. The corporate debtor defaulted on the repayment of the loans. The total amount of debt claimed to

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## Issues and analysis

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

**Ratio:** As held in Innoventive Industries Ltd. v. ICICI Bank [2017] 139 CLA 335 by the Hon'ble

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**Reasoning:** The court relied on the precedent set by the Hon'ble NCLAT in Innoventive Industries Ltd.

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**Interpretation:** This interpretation of Section 7 of the IBC, as clarified by the NCLAT in

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**Application:** In this case, the court applied the ratio from Innoventive Industries Ltd. v.

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## Parties

- **Judges:** Jinan…
- **Appellants:** Abhishek Stock…
- **Respondents:** Shree Ganesh…
- **Advocates:** Anirban…; Urmila Chak…; +3 more

## Timeline

- **2014-06-12 — Loan Disbur…**: Loan of Rs.30,00,000/- disbursed by Narayan Finvest Pvt. Ltd. to Shree Ganesh Jewellery…
- **2014-06-24 — Loan Disbur…**: Loan of Rs.20,00,000/- disbursed by Narayan Finvest Pvt. Ltd. to Shree Ganesh Jewellery…

## 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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