# In the matter of Accurate Infrabuild Private Limited

> NCLT judgment dated 2024-01-17. Citation: TCN-2024-NCLT-03032. The case involves an application filed by Meck Pharmaceuticals & Chemicals Pvt Ltd (Financial…

- **Court:** NCLT
- **Order date:** 17 Jan 2024
- **Citation:** TCN-2024-NCLT-03032
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/accurate-infrabuild-private-limited-ab03fecb

## 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, to initiate Corporate Insolvency Resolution Process (CIRP) against Accurate Infrabuild Private Limited (Corporate Debtor). The Financial Creditor claimed that the Corporate Debtor defaulted on a loan of Rs. 1 crore advanced for a construction project named "Madina Heights", with an agreed interest rate of 18% per annum and a 15% share in profits. The Corporate Debtor denied the existence of a financial debt and claimed that the project was not completed, and the demand for profit sharing was baseless.

## Facts

Meck Pharmaceuticals & Chemicals Pvt Ltd (Financial Creditor) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Accurate Infrabuild Private Limited (Corporate Debtor). The Financial Creditor claimed to have advanced a loan of Rs. 1 crore to the Corporate Debtor for a construction project named "Madina Heights", with an agreed interest rate of 18% per annum and a 15% share in profits. The loan was disbursed on 18.02.2010 via cheque. The Corporate Debtor allegedly defaulted on the repayment. The Financial Creditor issued legal notices and demand notices to the Corporate Debtor. The Corporate Debtor denied the existence of a financial debt, claiming that the

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## Issues and analysis

### Issue 1: Whether the application filed by the Financial Creditor under Section 7 of the Insolvency and …

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

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**Reasoning:** The Tribunal relied on several judgments, including Ankit Goyal vs. Sunita Agarwal, Anuj

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**Interpretation:** The interpretation of 'financial creditor' under Section 5(8)(f) of the IBC was

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**Application:** The Tribunal applied the principle that a speculative investor cannot be

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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 &…
- **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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