# In the matter of SHRESTH DETECTIVE AND SECURITIES PRIVATE LIMITED

> Read the full IBC case summary for In the matter of SHRESTH DETECTIVE AND SECURITIES PRIVATE LIMITED. NCLT judgment dated 2025-05-23. Citation:…

- **Court:** NCLT
- **Order date:** 23 May 2025
- **Citation:** TCN-2025-NCLT-00961
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/shresth-detective-and-securities-private-limited-ecee052c

## Summary

### Background

The Corporate Applicant filed a petition under Section 10 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) due to its inability to pay its financial and operational debts, which arose from a sudden termination of an agreement by FIS Payment Solutions Pvt Ltd and the impact of the COVID-19 pandemic.

## Facts

Shresth Detective and Securities Private Limited, the Corporate Applicant, filed a petition under Section 10 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP). The company was incorporated on August 19, 2004, with an authorized capital of Rs. 35,00,000/- and a paid-up capital of Rs. 25,00,000/-. The total outstanding dues as of May 31, 2022, amounted to Rs. 13,70,01,145/-, comprising financial debt of Rs. 1,07,12,540/- and operational debts of Rs. 12,62,88,605/-.

…

## Issues and analysis

### Issue 1: Whether the Corporate Applicant has demonstrated the existence of debt and default to initiate CIRP…

**Ratio:** The NCLT found that the Corporate Applicant had sufficiently demonstrated the existence…

**Reasoning:** The Corporate Applicant provided detailed particulars of financial and operational debts,…

**Interpretation:** The court interpreted 'debt' and 'default' as defined under the I&B Code,…

**Application:** The application of Shresth Detective and Securities Private Limited was…

## Parties

- **Judges:** BIDISHA BA…; Cmde Siddharth…
- **Advocates:** For the Applicant:…; Altamash Alim,…; +1 more

## Timeline

- **August 19, 2004 — Company Incor…**: Shresth Detective and Securities…
- **April 1, 2019 — Agreement w…**: Agreement for providing security services was entered into with FIS Payment Solutions Pvt…

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-chandigarh/shresth-detective-and-securities-private-limited-ecee052c