# In the matter of Alankrit Road Developers Private Limited

> NCLT judgment dated 2025-04-25. Citation: TCN-2025-NCLT-00180. The case involves a petition filed by M/S Manasvini Infra Private Limited ('Financial…

- **Court:** NCLT
- **Order date:** 25 Apr 2025
- **Citation:** TCN-2025-NCLT-00180
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/alankrit-road-developers-private-limited-2594fa19

## Summary

### Background

The case involves a petition filed by M/S Manasvini Infra Private Limited ('Financial Creditor') against M/S Alankrit Road Developers Pvt. Ltd. ('Corporate Debtor') under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of the Corporate Insolvency Resolution Process (CIRP). The Corporate Debtor had approached the Petitioner for working capital in 2021, leading to a Memorandum of Inter-Corporate Loan Agreement dated 19.10.2021. The Petitioner lent Rs. 1,02,10,000 with 18% interest, payable annually. The Corporate Debtor failed to adhere to the repayment schedule, leading to demand notices. The Corporate Debtor admitted to the agreement but claimed no default, citing ongoing payments and a long-standing relationship. The Adjudicating Authority

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## Facts

M/S Manasvini Infra Private Limited (the 'Petitioner'/'Financial Creditor') filed a petition against M/S Alankrit Road Developers Pvt. Ltd. (the 'Respondent'/'Corporate Debtor') under Section 7 of the Insolvency and Bankruptcy Code, 2016. The Corporate Debtor approached the Petitioner in 2021 for working capital, leading to a Memorandum of Inter-Corporate Loan Agreement dated 19.10.2021. The Petitioner lent Rs. 1,02,10,000 with an 18% annual interest rate. The Corporate Debtor agreed to repay the full amount by 25.10.2023. The Corporate Debtor failed to adhere to the repayment schedule, resulting in demand notices issued by the Petitioner on 15.05.2023, 31.05.2023, and 20.02.2024. The Corporate Debtor acknowledged the demand notice dated 31.05.2023 on 12.07.2023,

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## Issues and analysis

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

**Ratio:** The Adjudicating Authority must ascertain whether a 'debt' is owed to the Financial

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**Reasoning:** The Adjudicating Authority perused all relevant papers and found them in order. The

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**Interpretation:** Section 7 of the Insolvency and Bankruptcy Code, 2016 allows a financial

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**Application:** In this case, the Adjudicating Authority found that the Financial Creditor had

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## Parties

- **Judges:** Reeta K…; Kavita Bha…
- **Appellants:** M/S Manasvini…
- **Respondents:** M/S Alankrit Road…
- **Advocates:** Arpit M…; Rishi Raj…

## Timeline

- **2021-10-19 — Loan Agre…**: Memorandum of Inter-Corporate Loan…
- **2021-10-25 — Loan Tra…**: Petitioner transferred the loan…

## 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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