# In the matter of Greenocare Engineering Private Limited

> NCLT judgment dated 2025-03-24. Citation: TCN-2025-NCLT-01120. The case involves an application filed by C A Sunny, the Financial Creditor, against Greenocare…

- **Court:** NCLT
- **Order date:** 24 Mar 2025
- **Citation:** TCN-2025-NCLT-01120
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chennai/greenocare-engineering-private-limited-0487747c

## Summary

### Background

The case involves an application filed by C A Sunny, the Financial Creditor, against Greenocare Engineering Private Limited, the Corporate Debtor, under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP).

## Facts

C A Sunny, the Applicant, is the Financial Creditor.

Greenocare Engineering Private Limited, the Respondent, is the Corporate Debtor.

The application was filed under Section 7 of the Insolvency and Bankruptcy Code, 2016.

The Corporate Debtor defaulted on a debt of Rs. 1,14,84,809.00/- as of 31.03.2024.

The Financial Creditor proposed Ms. Jayashree S Iyer as the Interim Resolution Professional (IRP).

The Corporate Debtor executed promissory notes and a loan agreement dated 24.10.2018 for the loans.

The Corporate Debtor acknowledged the debt and confirmed the liability in letters dated 05.04.2020, 07.04.2021, 09.04.2022, 06.04.2023, and 05.04.2024.

…

## Issues and analysis

### Issue 1: Whether the Corporate Debtor committed a …

**Ratio:** Yes, the Corporate Debtor committed a

…

**Reasoning:** The Tribunal found that the Corporate Debtor had defaulted on a debt of Rs.

…

**Interpretation:** The default in repayment of the financial debt triggers the provisions of

…

**Application:** The Tribunal applied the provisions of Section 7 of the IBC, 2016, and

…

## Parties

- **Judges:** SANJIV…; Venkataraman…
- **Appellants:** C A S…
- **Respondents:** Greenocare…
- **Other parties:** Renuka K…; Venkatraman…; +1 more
- **Advocates:** A. Muralee…; T. Jayash…

## Timeline

- **2024-03-31 — Date of D…**: The Corporate Debtor defaulted on…
- **2025-03-24 — Order Da…**: The Tribunal admitted the application under Section 7(5) of the IBC, 2016, initiated CIRP…

## 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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