# Ravi Enterprises & Ors. vs. Highpowerv Import & Exports Private Limited

> NCLT judgment dated 2026-08-04. Citation: TCN-2026-NCLT-00811. A petition was filed by seven Financial Creditors, including Ravi Enterprises, under Section 7…

- **Court:** NCLT
- **Order date:** 4 Aug 2026
- **Citation:** TCN-2026-NCLT-00811
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chennai/ravi-enterprises-ors-vs-highpowerv-import-exports-private-limited-59q0a

## Summary

### Background

A petition was filed by seven Financial Creditors, including Ravi Enterprises, under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor, Highpowerv Import & Exports Private Limited. The Financial Creditors claimed a financial debt of Rs. 2,36,36,554/- (inclusive of interest) arising from an aggregate loan of Rs. 2,55,00,000/- for which promissory notes were executed.

## Facts

A petition, CP(IB)/303(CHE)/2025, was filed under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, by Financial Creditors.

The petition sought to initiate Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor, Highpowerv Import & Exports Private Limited.

The Financial Creditors include Ravi Enterprises, ASR Enterprises, Kesar Investment, Kayur Ramesh Khanter (Proprietor of Luxuria Finvest), Kantilal T Hirani (Proprietor of Bhavana Corp.), Alka Singhi (Proprietor of Standard Electric Company), and Laxmi Jewels & Gold Private Limited.

Highpowerv Import & Exports Private Limited was incorporated on 23.12.2010 with an authorized share capital of Rs. 5,00,000/- and paid-up capital of Rs. 1,00,000/-.

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## Issues and analysis

### Issue 1: Whether there is a financial debt due and payable by the Corporate Debtor to the Financial …

**Ratio:** Yes, the existence of a financial debt is proven by the promissory notes executed by the

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**Reasoning:** The Petitioners placed copies of promissory notes executed by the Corporate Debtor and

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**Interpretation:** Section 5(8) of the IBC defines 'financial debt'. The Tribunal interpreted that

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**Application:** The documents submitted by the Financial Creditors, specifically the promissory

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## Parties

- **Judges:** SANJIV…; Venkataraman…
- **Appellants:** Ravi Enter…; ASR Enter…; +5 more
- **Respondents:** Highpowerv Import…
- **Other parties:** Bhavin K…; Directors/Managing…; +2 more
- **Advocates:** Shri. A.…; Srenik S.…; +2 more

## Timeline

- **2010-12-23 — Incorporation of…**: Highpowerv Import & Exports…
- **2023-04-28 — Execution of Promissory…**: Promissory notes were executed by the Corporate Debtor in favour of the Financial…

## 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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