# In the matter of Adaptio Facility Management Private Limited

> NCLT judgment dated 2024-09-12. Citation: TCN-2024-NCLT-00610. 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-00610
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/adaptio-facility-management-private-limited-d734f2e6

## 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) against M/s. Adaptio Facility Management Private Limited (Corporate Debtor) to initiate the Corporate Insolvency Resolution Process (CIRP). 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 provided goods and services to an enterprise and raised invoices for invoice discounting. The enterprise failed to pay the maturity amount, and the cheques issued by the Corporate Debtor were dishonored.

## 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 advanced a total 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. This arrangement was governed by an 'Agreement for Transfer of Rights', a tripartite agreement between the Creditors, Minions Ventures, and the Corporate Debtor. The Corporate Debtor provided goods and services to an enterprise and raised invoices for discounting. The enterprise failed to pay the maturity amount,

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## Issues and analysis

### Issue 1: Whether the debt in question qualifies as a 'financial debt' as defined under Section 5(8) of the …

**Ratio:** Section 5(8) of the IBC defines 'financial debt' as a debt along with interest, if any,

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**Reasoning:** The court examined the 'Agreement for Transfer of Rights' and found that it involved a

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**Interpretation:** The interpretation of 'financial debt' under Section 5(8) requires the presence

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**Application:** In this case, the Financial Creditors disbursed funds to the Corporate Debtor

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## Parties

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

## Timeline

- **2016-07-29 — Incorporation of…**: M/s. Adaptio Facility Management…
- **2019-01-11 — Bank Confirmation…**: Bank Confirmation Agreement signed by KredX, Corporate Debtor, and the Enterprise (CBRE…

## 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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