# In the matter of Anjani Technoplast Limited Company Petition No. (IB)-766(ND)-2021

> NCLT judgment dated 2022-06-20. Citation: TCN-2022-NCLT-02142. The case involves a petition filed by Mr. Shubh Gautam, a financial creditor, under Section 7…

- **Court:** NCLT
- **Order date:** 20 Jun 2022
- **Citation:** TCN-2022-NCLT-02142
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/anjani-technoplast-limited-company-petition-no-ib-766nd-2021-0b1ec139

## Summary

### Background

The case involves a petition filed by Mr. Shubh Gautam, a financial creditor, under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Anjani Technoplast Limited, the corporate debtor. The applicant claimed that the corporate debtor borrowed sums of money under loan agreements in 2010 and failed to repay, leading to a civil suit and a decree in favor of the applicant by the High Court of Delhi. The corporate debtor raised objections, arguing that the debt was not a 'financial debt' as defined under the IBC, and the application was barred by limitation.

## Facts

Mr. Shubh Gautam filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Anjani Technoplast Limited. Mr. Gautam claimed that Anjani Technoplast Limited borrowed Rs. 2,50,00,000 on 2010-02-24 and Rs. 2,00,00,000 on 2010-03-31. A compromise deed was executed on 2013-08-31, with the corporate debtor pledging to pay Rs. 3,22,02,660 plus interest. Mr. Gautam filed a civil suit in the Delhi High Court, which was decreed in his favor on 2018-01-11 for Rs. 4,38,00,617 plus interest. The corporate debtor argued that the debt was not a 'financial debt' under Section 5(8) of the IBC and that the application was time-barred. The applicant argued that the decree created a fresh cause of action and the application was within the limitation period. The

…

## Issues and analysis

### Issue 1: Whether the debt arising from the High Court decree can be considered a 'financial debt' under …

**Ratio:** The key requirement for a 'financial debt' under Section 5(8) of the IBC is 'disbursal

…

**Reasoning:** The NCLT reasoned that the original loan agreements lacked the element of 'commercial

…

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

…

**Application:** In this case, the NCLT applied the ratio by finding that the original loan

…

## Parties

- **Judges:** DHARMINDER…; SUMITA PURK…; +1 more
- **Appellants:** SHUBH G…
- **Respondents:** Anjani Technoplast…

## Timeline

- **2010-02-24 — Loan Agre…**: Corporate Debtor borrowed Rs.…
- **2010-03-31 — Loan Agre…**: Corporate Debtor borrowed Rs.…

## 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/anjani-technoplast-limited-company-petition-no-ib-766nd-2021-0b1ec139