# In the matter of Adaptio Facility Management Private Limited

> NCLT judgment dated 2024-09-12. Citation: TCN-2024-NCLT-00614. The case pertains to an application filed under Section 7 of the Insolvency and Bankruptcy Code…

- **Court:** NCLT
- **Order date:** 12 Sept 2024
- **Citation:** TCN-2024-NCLT-00614
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/adaptio-facility-management-private-limited-1fc0816f

## Summary

### Background

The case pertains to an application filed under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, by Apurva Jain and 10 others (Financial Creditors) seeking to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Adaptio Facility Management Private Limited (Corporate Debtor). The Financial Creditors had advanced a total sum of Rs.1,08,83,596.95 to the Corporate Debtor through an online bill discounting portal called 'KredX', operated by 'Minions Ventures Pvt. Ltd'. The Corporate Debtor defaulted on repayment, and the cheques issued for restitution were dishonored. The Financial Creditors submitted documents including a Bank Confirmation Agreement, Seller Services Agreement, invoices, Agreements for Transfer of Rights, and a 'Record of

…

## Facts

Apurva Jain and 10 others, acting as Financial Creditors, filed an application under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Adaptio Facility Management Private Limited, the Corporate Debtor. The Financial Creditors cumulatively advanced Rs. 1,08,83,596.95 to the Corporate Debtor through an online bill discounting portal called 'KredX', operated by Minions Ventures Pvt. Ltd. This arrangement was governed by Agreements for Transfer of Rights. The Corporate Debtor provided goods and services to an enterprise and raised invoices for invoice discounting. The Creditors paid a discounted value to the Corporate Debtor, expecting returns when the enterprise paid the full invoice value. The

…

## Issues and analysis

### Issue 1: Whether the application under Section 7 of the IBC, 2016, should be admitted to initiate Corporate …

**Ratio:** Section 7(5) of the IBC, 2016, mandates the Adjudicating Authority to admit an

…

**Reasoning:** The Tribunal found that the Financial Creditors had proved the existence of a 'debt' and

…

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

…

**Application:** The Tribunal applied Section 7(5) of the IBC to the facts of the case, finding

…

## Parties

- **Judges:** SANJIV…; Venkataraman…
- **Appellants:** Apurva…
- **Respondents:** Adaptio Facility…; Adaptio Facility…

## Timeline

- **2024-09-12 — Order Pron…**: Order pronounced admitting the application under Section 7 of IBC, 2016, initiating CIRP…
- **2023-04-03 — Date of D…**: Date on which the Corporate Debtor was…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 5(8) — Definitions](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-5)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/adaptio-facility-management-private-limited-1fc0816f