# In the matter of Vyom Infrasttructures and Projects Private Limited C.P. No. IB-891(PB)-2018

> NCLT judgment dated 2019-02-12. Citation: TCN-2019-NCLT-04876. The case involves an application filed by Mr. Kapil Arora, a financial creditor, under Section…

- **Court:** NCLT
- **Order date:** 12 Feb 2019
- **Citation:** TCN-2019-NCLT-04876
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/vyom-infrasttructures-and-projects-private-limited-cp-no-ib-891pb-2018-00b8bad4

## Summary

### Background

The case involves an application filed by Mr. Kapil Arora, a financial creditor, under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Vyom Infrastructures and Projects Private Limited, the corporate debtor. The financial creditor claims that the corporate debtor defaulted on repayment of assured appreciation and that some advance cheques were dishonoured. The corporate debtor disputes the claim, stating that the entire principal amount along with interest has been repaid.

## Facts

Mr. Kapil Arora, the financial creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Vyom Infrastructures and Projects Private Limited, the corporate debtor. The financial creditor disbursed money to the corporate debtor and entered into a loan agreement dated 2014-03-29, which was subsequently revised on 2015-04-07. The loan agreements stipulated monthly appreciation payments. The corporate debtor allegedly defaulted on these payments, and some advance cheques were dishonoured. The last payment of monthly appreciation was made on 2015-11-24. The financial creditor discovered in March 2018 that the security flats had been allotted to third parties, violating the loan agreements. The total debt due was Rs. 2,62,94,456,

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## Issues and analysis

### Issue 1: Whether the application filed by the financial creditor under Section 7 of the Insolvency and …

**Ratio:** Section 7 of the Insolvency and Bankruptcy Code, 2016, read with Rule 4 of the Insolvency

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**Reasoning:** The court observed that the application was filed in the prescribed form and manner as

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**Interpretation:** Section 7 of the IBC provides a mechanism for financial creditors to initiate

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**Application:** The court found that the application was complete and in the prescribed form,

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## Parties

- **Judges:** M. M. K…; DEEPTI M…
- **Appellants:** Kapil A…
- **Respondents:** Vyom Infrastructur…; Manisha Cha…
- **Advocates:** Rahul G…; Manisha Cha…

## Timeline

- **2014-03-29 — Loan Agre…**: Financial creditor and corporate…
- **2015-04-07 — Revised Loan A…**: Loan agreement was…

## 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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