# In the matter of CARBYNE SPARTEK PRIVATE LIMITED

> NCLT judgment dated 2026-01-13. Citation: TCN-2026-NCLT-00075. The case involves a petition filed under Section 7 of the Insolvency and Bankruptcy Code (IBC)…

- **Court:** NCLT
- **Order date:** 13 Jan 2026
- **Citation:** TCN-2026-NCLT-00075
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chennai/carbyne-spartek-private-limited-feec4dcc

## Summary

### Background

The case involves a petition filed under Section 7 of the Insolvency and Bankruptcy Code (IBC) by R.K.Purushothaman, a Financial Creditor, against Carbyne Spartek Private Limited, the Corporate Debtor, for initiating Corporate Insolvency Resolution Process (CIRP).

## Facts

R.K.Purushothaman, the Financial Creditor, filed a petition under Section 7 of the IBC against Carbyne Spartek Private Limited, the Corporate Debtor.

The Corporate Debtor provided a corporate guarantee for a loan of Rs. 2,95,00,000/- given by the Financial Creditor to De Grande Sports Private Limited.

The loan agreement between the Financial Creditor and De Grande Sports Private Limited was dated 09.09.2020, with an interest rate of 8% per annum.

De Grande Sports Private Limited defaulted on the loan, leading the Financial Creditor to invoke the corporate guarantee against Carbyne Spartek Private Limited.

The date of default is mentioned as 25.10.2024.

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## Issues and analysis

### Issue 1: Whether a 'Financial …

**Ratio:** Section 5(8)(i) of the Insolvency and Bankruptcy Code, 2016 defines 'Financial Debt' to

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**Reasoning:** The Corporate Debtor executed a Deed of Guarantee dated 15.10.2024, standing as a

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**Interpretation:** The liability of the Corporate Debtor towards the Applicant constitutes a clear

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**Application:** The Tribunal applied the definition of 'Financial Debt' under Section 5(8)(i)

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## Parties

- **Judges:** JYOTI KUMAR…; RAVICHANDRAN…
- **Appellants:** R. K. Purushothama…
- **Respondents:** Carbyne Spartek…
- **Other parties:** Sabbani M…; Insolvency and…; +2 more

## Timeline

- **2020-09-09 — Loan Agreeme…**: Loan Agreement between R.K.Purushothaman…
- **2024-10-25 — Date of D…**: Date of Default…

## 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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