# In the matter of Vistar Metal Industries Pvt. Ltd. C.P. No. 1331-l&BP-2017

> NCLT judgment dated 2018-02-15. Citation: TCN-2018-NCLT-01826. The case involves a joint petition filed by Mr. Satyaprakash Agarwal and two others, who are…

- **Court:** NCLT
- **Order date:** 15 Feb 2018
- **Citation:** TCN-2018-NCLT-01826
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/vistar-metal-industries-pvt-ltd-cp-no-1331-lbp-2017-1809b044

## Summary

### Background

The case involves a joint petition filed by Mr. Satyaprakash Agarwal and two others, who are financial creditors, against Vistar Metal Industries Pvt Ltd, the corporate debtor, under Section 7 of the I&B Code, 2016. The petitioners alleged that the corporate debtor failed to make a payment of ₹2,01,00,001 towards principal and ₹19,51,742 as interest. The corporate debtor had issued letters dated 15.12.2015 promising full and final settlement of loans, but the NCLT found discrepancies in the claimed date of default.

## Facts

Mr. Satyaprakash Agarwal, Mr. Rishi Aggarwal, and Mrs. Kamlesh Aggarwal (financial creditors) filed a joint petition against Vistar Metal Industries Pvt Ltd (corporate debtor) under Section 7 of the I&B Code, 2016, alleging a default in payment. The total amount in default was ₹2,01,00,001 towards principal and ₹19,51,742 towards interest. The financial creditors claimed the date of default to be 15.12.2015. The corporate debtor had issued letters dated 15.12.2015, promising full and final settlement of loans amounting to ₹1,60,00,000, ₹40,00,000, and ₹30,00,000 to the three financial creditors, respectively. The NCLT observed that the repayment schedule provided by the corporate debtor indicated that the date of default was not 15.12.2015, as claimed by the

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## Issues and analysis

### Issue 1: Whether the date of default claimed by the financial creditors is correct and supported by …

**Ratio:** The date of default is a crucial element in establishing a claim under Section 7 of the

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**Reasoning:** The NCLT reasoned that the date of default claimed by the financial creditors

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**Interpretation:** The interpretation of 'date of default' requires a clear and unambiguous

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**Application:** In this case, the NCLT applied the ratio by examining the repayment schedule

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## Parties

- **Judges:** B.S.V. Prakash…; V. Nallasen…
- **Appellants:** Satyaprakash…
- **Respondents:** Vistar Metal…; Dikshat…

## Timeline

- **2015-12-15 — Letters issued by…**: Corporate Debtor issued letters promising…
- **2018-02-15 — Order Del…**: NCLT delivered the order…

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