# 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-01842. 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-01842
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/shree-ganesh-jewellery-house-i-ltd-company-petition-ib-no-579-kb-2017-f571d46c

## 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. (the applicants) filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Shree Ganesh Jewellery House (I) Ltd. (the corporate debtor). The applicants claimed to have extended financial assistance to the corporate debtor in the form of Inter Corporate Deposits. Specifically, Abhishek Stock Broking Services Pvt. Ltd. granted a credit facility of Rs. 22,00,000/- on 19/7/2014, Narayan Finvest Pvt. Ltd. advanced 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, leading to a total outstanding debt of Rs.

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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 considered the submissions of both parties and perused the

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**Interpretation:** This legal issue concerns the prerequisites for admitting an application under

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**Application:** In this case, the Adjudicating Authority applied the ratio from Innoventive

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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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