# In the matter of Futuristic Global Resources Private Limited

> NCLT judgment dated 2026-03-16. Citation: TCN-2026-NCLT-00354. V.S. Enterprises, a financial creditor, filed a petition under Section 7 of the Insolvency and…

- **Court:** NCLT
- **Order date:** 16 Mar 2026
- **Citation:** TCN-2026-NCLT-00354
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chennai/futuristic-global-resources-private-limited-f523f44b

## Summary

### Background

V.S. Enterprises, a financial creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Futuristic Global Resources Private Limited, the corporate debtor, seeking initiation of Corporate Insolvency Resolution Process (CIRP).

## Facts

V.S. Enterprises, a partnership firm, extended a short-term loan of Rs. 1,50,00,000/- to Futuristic Global Resources Private Limited.

A loan agreement was signed on 25.04.2024, and the amount was disbursed through RTGS on the same day.

The loan was repayable in five equal monthly installments of Rs. 30,00,000/- with an interest rate of 24% per annum.

Futuristic Global Resources Private Limited paid the first two installments but defaulted on the remaining installments.

The Petitioner sent legal notices dated 10.09.2024 and 07.10.2024 calling upon the Corporate Debtor to make the payment.

The Petitioner initiated proceedings under Section 138 of the Negotiable Instrument Act, 1881, before the Metropolitan Magistrate Courts, George Town, Chennai.

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## Issues and analysis

### Issue 1: Whether the petition meets the threshold of Rs.1.0 Crore as provided under Section 4 of IBC, 2016 …

**Ratio:** The petition does not meet the

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**Reasoning:** The Tribunal observed that the rate of interest was not specified in the loan agreement

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**Interpretation:** The absence of a specified interest rate in the loan agreement and promissory

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**Application:** Since the outstanding amount is less than Rs.1.0 Crore, the petition under

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## Parties

- **Judges:** SANJIV…; Venkataraman…
- **Appellants:** V S Enter…
- **Respondents:** Futuristic Global…
- **Other parties:** AAA Insolvency…
- **Advocates:** K. Pawan J…; Adhars…; +3 more

## Timeline

- **2024-04-25 — Loan Agre…**: Loan agreement signed between V.S. Enterprises and Futuristic Global Resources Private…
- **2024-04-25 — Loan Disb…**: Rs. 1,50,00,000/- disbursed to…

## 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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