# In the matter of Veebro Technoplast Pvt. Ltd. CP No. IB-159-(PB)-2017

> NCLT judgment dated 2017-09-22. Citation: TCN-2017-NCLT-00374. Gudearth Homes Infracon Private Limited, along with three others, filed an application under…

- **Court:** NCLT
- **Order date:** 22 Sept 2017
- **Citation:** TCN-2017-NCLT-00374
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/veebro-technoplast-pvt-ltd-cp-no-ib-159-pb-2017-aa679d1c

## Summary

### Background

Gudearth Homes Infracon Private Limited, along with three others, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking the initiation of the Insolvency Resolution Process against Veebro Technoplast Private Limited, the Corporate Debtor. Gudearth Homes Infracon Private Limited is a family-owned company incorporated by Financial Creditor No. 2, Mr. Anuj Guliani, who is the husband of Financial Creditor No. 4, Mr. Anil Kumar Guliani. The Financial Creditors claimed that the Directors of the Corporate Debtor were introduced to them through common friends in 2013, at which time the Corporate Debtor needed financial assistance. The Financial Creditors disbursed Rs. 51,750,000/- to the Corporate Debtor. Financial Creditors Nos. 3 & 4

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## Facts

The Financial Creditors, including Gudearth Homes Infracon Private Limited, sought to initiate the Corporate Insolvency Resolution Process (CIRP) against Veebro Technoplast Private Limited, the Corporate Debtor, under Section 7 of the Insolvency and Bankruptcy Code, 2016. The Financial Creditors claimed that they had disbursed a total of Rs. 51,750,000/- to the Corporate Debtor. This included direct disbursements and amounts derived from sale transactions where the proceeds were given as loans. Specifically, Financial Creditors Nos. 3 & 4 executed sale deeds and provided Rs. 3,37,00,000 as a loan. Ms. Anita Guliani executed another sale deed, with Rs. 2,20,50,000 from the proceeds given as a loan. A loan agreement was executed between Financial Creditor No. 1, Mr.

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor committed a default within the meaning of Section 7 (5) read with …

**Ratio:** Section 7(5) of the IBC states that the Adjudicating Authority shall, within fourteen

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**Reasoning:** The court observed that the factual narration presented by the Financial Creditors proved

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**Interpretation:** The interpretation of 'default' under the IBC encompasses any failure to repay

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**Application:** The court applied the definition of 'default' to the specific facts of the

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## Parties

- **Judges:** M. M. K…; R. VARADH…
- **Appellants:** Gudearth Homes…
- **Respondents:** Veebro Technoplast…

## Timeline

- **2013-01-01 — Introduction of…**: Directors of Corporate Debtor were introduced to Financial Creditors through common…
- **2014-01-01 — Sale Deed Ex…**: Financial Creditor Nos. 3 & 4 executed two…

## 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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