# In the matter of Tansway Marketing Pvt. Ltd. CP (IB) No. 400-KB-2017

> NCLT judgment dated 2017-12-04. Citation: TCN-2017-NCLT-00104. Smt. Srikanta Sarda, a financial creditor, filed an application under Section 7 of the…

- **Court:** NCLT
- **Order date:** 4 Dec 2017
- **Citation:** TCN-2017-NCLT-00104
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/tansway-marketing-pvt-ltd-cp-ib-no-400-kb-2017-00397cba

## Summary

### Background

Smt. Srikanta Sarda, a financial creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate a corporate insolvency resolution process against the respondent, M/s. Tansway Marketing Private Limited (Corporate Debtor). The application was based on an alleged default in repayment of a cash loan of Rs. 5,00,000/-. The petitioner claimed that the respondent had availed the loan and promised to repay it with interest, but failed to do so despite repeated demand notices. The respondent contested the maintainability of the petition, arguing that the company was not in existence on the date of filing the petition.

## Facts

Smt. Srikanta Sarda (Financial Creditor) claimed that M/s. Tansway Marketing Pvt. Ltd. (Corporate Debtor) availed a cash loan of Rs. 5,00,000/- from her. The petitioner alleged that a letter dated 17.08.2016, signed by the respondent's director, Mr. Mukesh Kumar Singal, served as a promissory note (Exhibit-B). The petitioner further claimed that the respondent promised to repay the amount after four months with 15% interest per annum but defaulted despite demand notices (Exhibits C and D). The respondent, represented by Adv. Mr. Awadhesh Kumar Rai, argued that the company was not in existence on the date of filing the petition, as its name was struck off from the Company Master Data. The petitioner presented Company Master Data (Exhibit-A) showing the company as active

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## Issues and analysis

### Issue 1: Whether the respondent company was in existence on the date of filing this petition? If not, …

**Ratio:** The existence of the corporate debtor is a prerequisite for initiating CIRP. If the

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**Reasoning:** The court examined Exhibit-A and Exhibit-R, which were copies of the Company Master Data.

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**Interpretation:** The court interpreted the conflicting evidence regarding the company's

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**Application:** The court applied the reasoning to the facts by concluding that since the

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## Parties

- **Judges:** V. P. S…; Jinan…
- **Appellants:** Srikanta…
- **Respondents:** M/s. Tansway…
- **Advocates:** Rajarshi…; Mr P. Ag…; +4 more

## Timeline

- **2016-08-17 — Loan Agre…**: Alleged date of the loan agreement between Smt. Srikanta Sarda and M/s. Tansway Marketing…
- **2017-01-28 — Demand N…**: Date of first written demand…

## 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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