# In the matter of A K Hirise Private Limited CP(IB) No. 1586-KB-2019

> NCLT judgment dated 2022-08-31. Citation: TCN-2022-NCLT-01201. The case involves a petition filed under Section 7 of the Insolvency and Bankruptcy Code, 2016,…

- **Court:** NCLT
- **Order date:** 31 Aug 2022
- **Citation:** TCN-2022-NCLT-01201
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/a-k-hirise-private-limited-cpib-no-1586-kb-2019-ce74c3de

## Summary

### Background

The case involves a petition filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, by Sital Kumar Poddar and others (Financial Creditors) against A.K. Hirise Private Limited (Corporate Debtor) to initiate the Corporate Insolvency Resolution Process (CIRP). The Financial Creditors claimed a total amount of ₹90,31,148/- based on a Memorandum of Understanding (MOU) dated 09.11.2013, where they agreed to provide a loan to the Corporate Debtor. The Corporate Debtor argued that it was not a party to the MOU and that the claims were disputed. The petition was filed on 03.09.2019.

## Facts

A Memorandum of Understanding (MOU) was executed on 09.11.2013 between the directors of A.K. Hirise Private Limited (Corporate Debtor) and Sital Kumar Poddar and Shyam Sundar Poddar (Financial Creditors). According to the MOU, the Financial Creditors agreed to provide a loan to the Corporate Debtor up to ₹69,00,000/- with 18% per annum interest. The Corporate Debtor was to open a separate bank account for the project. The Corporate Debtor partially repaid the loan, with the last payment made on 04.11.2016. The Financial Creditors filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, on 03.09.2019, claiming ₹90,31,148/-. The Corporate Debtor argued that it was not a party to the MOU and that the claims were disputed. The Corporate Debtor also

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## Issues and analysis

### Issue 1: Whether the application under Section 7 of the Insolvency and Bankruptcy Code, 2016, is …

**Ratio:** The date of default is a crucial element in an application under Section 7 of the

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**Reasoning:** The court relied on the decision of the National Company Law Appellate Tribunal (NCLAT)

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**Interpretation:** Section 7 of the IBC requires the Financial Creditor to demonstrate that a

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**Application:** In this case, the date of default was not mentioned in the petition. The brief

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## Parties

- **Judges:** RohitKa…; Balraj…
- **Appellants:** Sital Kumar…
- **Respondents:** A.K. Hirise…
- **Advocates:** Vikas B…; Sarbojit Mu…; +3 more

## Timeline

- **2013-11-09 — Execution…**: A Memorandum of Understanding (MOU) was executed between the directors of A.K. Hirise…
- **2016-11-04 — Last Payment by…**: The Corporate Debtor made the last payment…

## 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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