# 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-01850. 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-01850
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/shree-ganesh-jewellery-house-i-ltd-company-petition-ib-no-579-kb-2017-b73b2adb

## Summary

### Background

The case involves a Company Petition (IB) No.579/KB/2017 filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, read with Rule 4(1) of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016. The applicants, Abhishek Stock Broking Services Pvt. Ltd., Narayan Finvest Pvt. Ltd., Ayush Fiscal Pvt. Ltd., and Multiplus Resources Ltd., are financial creditors seeking to initiate corporate insolvency resolution process against the respondent, Shree Ganesh Jewellery House (I) Ltd., the corporate debtor. The applicants claim that the corporate debtor defaulted on loan repayments.

## Facts

Abhishek Stock Broking Services Pvt. Ltd., Narayan Finvest Pvt. Ltd., Ayush Fiscal Pvt. Ltd., and Multiplus Resources Ltd. filed a joint application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Shree Ganesh Jewellery House (I) Ltd. The applicants claimed to be financial creditors who had extended credit facilities to the corporate debtor. Abhishek Stock Broking Services Pvt. Ltd. had granted a credit facility of Rs.22,00,000/- to the corporate debtor via RTGS on 19/7/2014. Narayan Finvest Pvt. Ltd. advanced a loan of Rs.85,00,000/-, Ayush Fiscal Pvt. Ltd. advanced Rs.65,00,000/-, and Multiplus Resources Ltd. advanced Rs.40,00,000/-. The corporate debtor defaulted on repayments starting from 21st January 2015, with the total amount due, including

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## Issues and analysis

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

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

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**Reasoning:** The adjudicating authority found that the application filed by the financial creditors

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**Interpretation:** Section 7 of the Insolvency and Bankruptcy Code, 2016, allows financial

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**Application:** In this case, the financial creditors provided sufficient evidence to

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## Parties

- **Judges:** Jinan…
- **Appellants:** Abhishek Stock…
- **Respondents:** Shree Ganesh…

## Timeline

- **2014-06-12 — Loan Disbur…**: Loan of Rs.30,00,000/-…
- **2014-06-24 — Loan Disbur…**: Loan of Rs.20,00,000/-…

## 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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