# In the matter of V S Matrix Private Limited IB-976-ND-2019

> NCLT judgment dated 2019-08-30. Citation: TCN-2019-NCLT-01678. Peejay Finance Company Limited filed a petition against V S Matrix Private Limited under…

- **Court:** NCLT
- **Order date:** 30 Aug 2019
- **Citation:** TCN-2019-NCLT-01678
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/v-s-matrix-private-limited-ib-976-nd-2019-ca8ff85f

## Summary

### Background

Peejay Finance Company Limited filed a petition against V S Matrix Private Limited under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, claiming to be a Financial Creditor (FC). The petition was filed due to the Corporate Debtor's (CD) default on a financial debt. The petitioner, Peejay Finance, sought initiation of the Corporate Insolvency Resolution Process (CIRP) against V S Matrix Private Limited.

## Facts

Peejay Finance Company Limited (the Petitioner) claimed to be a Financial Creditor of V S Matrix Private Limited (the Corporate Debtor). The Petitioner filed a petition under Section 7 of the IBC, 2016, due to the Corporate Debtor's default on a financial debt. The Petitioner was incorporated on 28.07.1984. V S Matrix Private Limited was incorporated on 14.6.1990, with an authorized share capital of Rs.4,50,00,000/- and a paid-up share capital of Rs.4,11,84,195/-. The Corporate Debtor admitted to outstanding dues of Rs.40,93,862.00 in a letter dated 21.12.2019. The debt arose from four loan agreements dated 19.10.2016, 04.2.2017, 15.2.2017, and 12.7.2017, totaling Rs.1.7 crores, secured by property bearing No.1503, Tower No.4, JP Greens, Greater Noida, UP. The

…

## Issues and analysis

### Issue 1: Whether the petition filed by Peejay Finance Company Limited as a Financial Creditor against V S …

**Ratio:** Section 7 of the IBC, 2016, allows a Financial Creditor to initiate the Corporate

…

**Reasoning:** The Tribunal considered the documents submitted by the Financial Creditor, including loan

…

**Interpretation:** Section 7 of the IBC provides a mechanism for Financial Creditors to recover

…

**Application:** In this case, the Financial Creditor provided sufficient evidence of a

…

## Parties

- **Judges:** Sh.R. Varad…; K.K. V…
- **Appellants:** Peejay Finance…
- **Respondents:** V S Matrix…

## Timeline

- **1984-07-28 — Incorporation of Peejay…**: Peejay Finance Company Limited,…
- **1990-06-14 — Incorporation of V S…**: V S Matrix Private Limited, the…

## 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)

---

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/v-s-matrix-private-limited-ib-976-nd-2019-ca8ff85f