# In the matter of Suashish Capital Private Limited CP(IB) No. 921-KB-2020

> Read the full IBC case summary for In the matter of Suashish Capital Private Limited CP(IB) No. 921-KB-2020. NCLT judgment dated 2022-04-20. Citation:…

- **Court:** NCLT
- **Order date:** 20 Apr 2022
- **Citation:** TCN-2022-NCLT-04942
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/suashish-capital-private-limited-cpib-no-921-kb-2020-b45388c6

## Summary

### Background

The Financial Creditor, Highrank Commercial Private Limited, filed a petition under section 7(1) of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor, Suashish Capital Private Limited, due to an alleged default in repaying an unsecured loan.

## Facts

Highrank Commercial Private Limited, the Financial Creditor, filed a petition under section 7(1) of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Suashish Capital Private Limited, the Corporate Debtor. The petition was filed due to an alleged default in the repayment of an unsecured loan provided by the Financial Creditor to the Corporate Debtor.

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor committed a…

**Ratio:** A default in the payment of financial debt occurred as the Corporate Debtor failed to…

**Reasoning:** The Corporate Debtor received an unsecured loan of ₹8,00,00,000/- from the Financial…

**Interpretation:** The court interpreted 'default' as the non-payment of a financial debt when it…

**Application:** The Corporate Debtor's failure to repay the remaining ₹2,00,00,000/- by…

## Parties

- **Judges:** Rajasekha…; Balraj…
- **Advocates:** Urmila Chak…; Debaleena G…; +3 more

## Timeline

- **March 23, 2011 — Loan Disbursement (Part…**: Financial Creditor disbursed ₹6,00,00,000/-…
- **March 29, 2011 — Loan Disbursement (Part…**: Financial Creditor disbursed ₹2,00,00,000/-…

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