# Kisetsu Saison Finance (India) Private Limited vs. Radar Ventures Private Limited

> NCLT judgment dated 2026-09-28. Citation: TCN-2026-NCLT-01190. Kisetsu Saison Finance (India) Private Limited, a Financial Creditor, filed a petition under…

- **Court:** NCLT
- **Order date:** 28 Sept 2026
- **Citation:** TCN-2026-NCLT-01190
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chennai/radar-ventures-private-limited-wu15p

## Summary

### Background

Kisetsu Saison Finance (India) Private Limited, a Financial Creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code (IBC) against Radar Ventures Private Limited, the Corporate Debtor and Corporate Guarantor, for initiating Corporate Insolvency Resolution Process (CIRP). The Financial Creditor had extended a working capital demand loan (WCDL) facility, initially INR 25 crores, later amended to INR 35 crores, to a Principal Borrower. Radar Ventures Private Limited provided an unconditional and irrevocable corporate guarantee for this facility. The Principal Borrower defaulted on the repayment of multiple tranches of the loan, leading to a total outstanding debt of INR 32,48,15,509.04 as of July 8, 2025.

## Facts

Kisetsu Saison Finance (India) Private Limited (Applicant/Financial Creditor) extended financial assistance in the form of a working capital demand loan (WCDL) to a Principal Borrower.

The initial WCDL facility was INR 25,00,00,000/-, sanctioned on 28.06.2024, with a Facility Agreement dated 29.06.2024.

The sanction letter was amended on 28.11.2024, increasing the WCDL to INR 35,00,00,000/-.

The WCDL was secured by a first ranking pari passu charge by hypothecation, a cash margin equivalent to 10% of the facility amount in the form of a Fixed Deposit under lien, and an unconditional and irrevocable Corporate Guarantee dated 29.06.2024 from Radar Ventures Private Limited (Corporate Debtor/Corporate Guarantor).

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## Issues and analysis

### Issue 1: Whether the Financial Creditor has established the existence of a financial debt and default …

**Ratio:** The Tribunal found that the Applicant/Financial Creditor successfully demonstrated the

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**Reasoning:** The Applicant provided extensive documentary evidence, including sanction letters,

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**Interpretation:** Section 7 of the IBC requires a financial creditor to prove the existence of a

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**Application:** The evidence presented by Kisetsu Saison Finance (India) Private Limited,

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## Parties

- **Judges:** Shri. JYOTI KUMAR…; SHRI. RAVICHANDRAN…
- **Appellants:** Kisetsu Saison…
- **Respondents:** Radar Ventures…
- **Other parties:** Venkata Kr…; R.VENKATAKR…
- **Advocates:** George J…; Tejas…; +13 more

## Timeline

- **2022-08-29 — Board Reso…**: Board Resolution passed…
- **2024-06-28 — Sanction Lette…**: Sanction Letter issued for a Working Capital…

## 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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