# In the matter of Accurate Infrabuild Private Limited

> NCLT judgment dated 2024-01-17. Citation: TCN-2024-NCLT-03016. The case involves an application filed by Meck Pharmaceuticals & Chemicals Pvt Ltd (Financial…

- **Court:** NCLT
- **Order date:** 17 Jan 2024
- **Citation:** TCN-2024-NCLT-03016
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/accurate-infrabuild-private-limited-77fe9148

## Summary

### Background

The case involves an application filed by Meck Pharmaceuticals & Chemicals Pvt Ltd (Financial Creditor) under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Accurate Infrabuild Private Limited (Corporate Debtor) to initiate the Corporate Insolvency Resolution Process (CIRP). The Financial Creditor claimed that the Corporate Debtor defaulted on a loan of Rs. 1 crore advanced in February 2010 for a construction project called "Madina Heights", with an agreed interest rate of 18% per annum and a 15% share in profits. The Financial Creditor issued legal notices and demand notices when the Corporate Debtor failed to repay the amount. The Corporate Debtor argued that there was no financial debt, the applicant was not a financial creditor, and

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## Facts

Meck Pharmaceuticals & Chemicals Pvt Ltd (Financial Creditor) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Accurate Infrabuild Private Limited (Corporate Debtor) to initiate CIRP. The Financial Creditor claimed to have advanced Rs. 1 crore to the Corporate Debtor in February 2010 for the "Madina Heights" construction project, with an agreed interest rate of 18% per annum and a 15% share in profits. The amount was disbursed via cheque No. 002273 drawn on ICICI Bank. The Corporate Debtor deducted TDS on the interest payable. The Financial Creditor alleged that the Corporate Debtor defaulted on the repayment. The Corporate Debtor denied the existence of a financial debt and claimed that the applicant was a

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## Issues and analysis

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

**Ratio:** An application under Section 7 of the IBC can

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**Reasoning:** The Tribunal found that the applicant was not a financial creditor as the transaction was

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**Interpretation:** Section 7 of the IBC allows a financial creditor to initiate CIRP against a

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**Application:** The Tribunal applied the ratio to the facts and found that the applicant was

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## Parties

- **Judges:** Chitra Ha…; Velamur G Venkata…
- **Appellants:** Meck Pharmaceutica…
- **Respondents:** Accurate Infrabuil…; Accurate Infrabuil…

## Timeline

- **1992-09-30 — Incorporation of…**: Meck Pharmaceuticals & Chemicals…
- **2009-12-22 — Incorporation of…**: Accurate Infrabuild Private…

## 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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