# In the matter of VINDHYAWASHINI MARINE SERVICES PRIVATE LIMITED > Read the full IBC case summary for In the matter of VINDHYAWASHINI MARINE SERVICES PRIVATE LIMITED. NCLT judgment dated 2025-10-14. Citation:… - **Court:** NCLT - **Order date:** 14 Oct 2025 - **Citation:** TCN-2025-NCLT-01498 - **Category:** IBC - **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/vindhyawashini-marine-services-private-limited-3222c47e ## Summary ### Background The Financial Creditors filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor due to an alleged default in payment of a financial debt arising from a Funding Agreement and a subsequent arbitral award. ## Facts Sunil Tulsidas Gadekar and Shakir Ali Sajjad Ali Shaikh, the applicants and financial creditors, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Vindhyawashini Marine Services Private Limited, the corporate debtor. The total amount claimed in default was Rs. 2,11,91,300.50/- as of February 9, 2024, with the date of default being November 9, 2023, which is the date the corporate debtor failed to pay the arbitral award amount. … ## Issues and analysis ### Issue 1: Whether the funds provided by the applicants to the corporate debtor under the Funding Agreement… **Ratio:** A liability arising from a final arbitral award constitutes a 'financial debt' under… **Reasoning:** The Tribunal relied on the arbitral award, which had attained finality, and Supreme Court… **Interpretation:** The court interpreted 'financial debt' broadly to include liabilities… **Application:** The applicants disbursed Rs. 60 lakhs to the corporate debtor under a Funding… ## Parties - **Judges:** SAMEER…; NILESH S… - **Advocates:** Pooja B…; Rajesh…; +1 more ## Timeline - **September 2, 2015 — Funding Agreement…**: A Funding Agreement was entered into between… - **August 16, 2016 — Funding Agreement…**: The Funding Agreement was finally… --- 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/vindhyawashini-marine-services-private-limited-3222c47e