# In the matter of VRG Infrastructure Private Limited CP (IB) 4186-MB-2019

> NCLT judgment dated 2020-02-25. Citation: TCN-2020-NCLT-01824. VRG Healthcare Private Limited filed a petition under Section 7 of the Insolvency and…

- **Court:** NCLT
- **Order date:** 25 Feb 2020
- **Citation:** TCN-2020-NCLT-01824
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/vrg-infrastructure-private-limited-cp-ib-4186-mb-2019-94bd43bd

## Summary

### Background

VRG Healthcare Private Limited filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, claiming to be a financial creditor of VRG Infrastructure Private Limited. VRG Healthcare claimed to have extended an unsecured loan of Rs. 25,00,000/- to VRG Infrastructure, which defaulted on repayment. VRG Infrastructure contested the claim, arguing that there was no agreement for interest payment and that the amount advanced was not against the time value of money. The Corporate Debtor also argued that the petition was filed to pressurize one of its directors, Gitesh Muttemwar, who had a claim against Dr. Sameer Paltewar, a director in the Petitioner company. The Corporate Debtor also pointed out ongoing disputes within the management of the Petitioner

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## Facts

VRG Healthcare Private Limited (Petitioner) claimed to be a financial creditor of VRG Infrastructure Private Limited (Corporate Debtor), seeking initiation of CIRP under Section 7 of IBC. The Petitioner stated to have furnished Form No. 1 under Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016. The Petitioner claimed to have extended an unsecured loan of Rs. 15,00,000/- on 2017-07-21 and Rs. 10,00,000/- on 2017-08-05, totaling Rs. 25,00,000/-, with an outstanding default of Rs. 33,85,000/- including interest @18% p.a. The Petitioner sent a legal notice to the Corporate Debtor on 2019-01-10 due to unpaid loan. The Corporate Debtor contended that there was no agreement for interest payment and that the advance was not for the

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## Issues and analysis

### Issue 1: Whether the claim of VRG Healthcare Private Limited constitutes a 'financial debt' within the …

**Ratio:** A 'financial debt' requires disbursement against the consideration for the time value of

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**Reasoning:** The NCLT relied on the NCLAT's judgment in "Saregama India Limited Vs. Home Movie

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**Interpretation:** Section 5(8) of the IBC defines 'financial debt' and specifies the requirements

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**Application:** In this case, the NCLT found that the Petitioner had not disbursed money

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## Parties

- **Judges:** SUCHITRA KANUPARTH…; Chandra Bha…; +1 more
- **Appellants:** VRG Healthcare…
- **Respondents:** VRG Infrastructure…

## Timeline

- **2016-01-01 — Enactment…**: The Insolvency and…
- **2017-07-21 — Loan Disbur…**: VRG Healthcare Private Limited allegedly extended an unsecured loan of Rs. 15,00,000/- to…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 5(8) — Definitions](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-5)

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