# Micro Capitals Pvt Ltd vs. Maars Software International Ltd

> NCLT judgment dated 2026-08-11. Citation: TCN-2026-NCLT-00828. Micro Capitals Private Limited (Financial Creditor) filed a Section 7 IBC petition against…

- **Court:** NCLT
- **Order date:** 11 Aug 2026
- **Citation:** TCN-2026-NCLT-00828
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chennai/micro-capitals-pvt-ltd-vs-maars-software-international-ltd-t9g0n

## Summary

### Background

Micro Capitals Private Limited (Financial Creditor) filed a Section 7 IBC petition against Maars Software International Limited (Corporate Guarantor) for initiating CIRP. The petition arose from a loan of Rs. 130 Crores extended by Micro Capitals to K. Sera Sera Limited (Principal Borrower), for which Maars had provided an unconditional and irrevocable guarantee of Rs. 80 Crores plus interest. The Principal Borrower defaulted on repayment by March 31, 2021, triggering Maars' liability as per the Deed of Guarantee. Despite multiple notices and requests for repayment, Maars sought extensions citing financial hardship, but failed to clear the outstanding debt of Rs. 25,86,81,258.78. CIRP had already been initiated against the principal borrower, and a resolution plan

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## Facts

Micro Capitals Private Limited (MCPL) extended a loan of Rs. 13,00,00,000/- to K. Sera Sera Limited (KSS) via a loan agreement dated 03.06.2014.

Maars Software International Limited (Maars) executed a Deed of Guarantee on 30.11.2018, guaranteeing repayment of up to Rs.8,00,00,000/- plus accrued interest by KSS to MCPL.

The Deed of Guarantee stipulated that non-adherence to the repayment schedule would constitute an event of default.

KSS failed to adhere to the repayment schedule, which was due by 31.03.2021, citing financial challenges.

MCPL issued a notice of event of default to Maars on 04.06.2021, demanding repayment of Rs.8,00,00,000/- plus 14% interest.

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## Issues and analysis

### Issue 1: Whether the petition for initiating Corporate Insolvency Resolution Process (CIRP) against Maars …

**Ratio:** A corporate guarantor's liability is coextensive and conterminous with that of the

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**Reasoning:** The Tribunal referred to Laxmi Pat Surana Vs. Union Bank of India (2021) 8 SCC 481, which

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**Interpretation:** The term "financial debt" under Section 5(8) of the IBC includes a

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**Application:** Maars Software International Limited, as a corporate guarantor, became a

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## Parties

- **Judges:** SANJIV…; Venkataraman…
- **Appellants:** Micro Capitals…
- **Respondents:** Maars Software…
- **Other parties:** Dharmendra…
- **Advocates:** Sanj…; Shri. Sarang…; +2 more

## Timeline

- **1995-08-23 — Incorporation of…**: Maars Software International…
- **2014-06-03 — Loan Agreement…**: K. Sera Sera Limited (Principal Borrower) took a loan of Rs. 13,00,00,000/- from Micro…

## 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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