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

> NCLT judgment dated 2022-06-20. Citation: TCN-2022-NCLT-02152. The case involves a Section 7 application under the Insolvency and Bankruptcy Code, 2016, filed…

- **Court:** NCLT
- **Order date:** 20 Jun 2022
- **Citation:** TCN-2022-NCLT-02152
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/anjani-technoplast-limited-company-petition-no-ib-766nd-2021-9e96c074

## Summary

### Background

The case involves a Section 7 application under the Insolvency and Bankruptcy Code, 2016, filed by Mr. Shubh Gautam, a financial creditor, against Anjani Technoplast Limited, the corporate debtor. The applicant claimed that the corporate debtor defaulted on loan repayments. The corporate debtor raised objections, arguing that the debt arose from a civil suit decree and not a financial debt as defined under Section 5(8) of the Code, and that the application was barred by limitation. The applicant argued that the decree created a fresh cause of action under IBC.

## Facts

Mr. Shubh Gautam filed a Section 7 application against Anjani Technoplast Limited under the Insolvency and Bankruptcy Code, 2016. Mr. Gautam claimed to be a financial creditor based on loan agreements and a subsequent decree from the High Court of Delhi. The initial loan agreements were dated 2010-02-24 and 2010-03-31, for Rs. 2,50,00,000 and Rs. 2,00,00,000 respectively. A compromise deed was executed on 2013-08-31, and another on 2016-12-23. Mr. Gautam filed a civil suit (CS(OS) 66/2016) 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 arose from the decree, not a financial debt, and the application was time-barred. The applicant argued that the decree created a fresh

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## Issues and analysis

### Issue 1: Whether the debt claimed by the applicant, based on a High Court decree, qualifies as a 'financial …

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

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**Reasoning:** The NCLT reasoned that the decree amount was an adjudicated amount and not a debt

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**Interpretation:** Section 5(8) of the IBC defines 'financial debt' and specifies the conditions

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**Application:** In this case, the NCLT found that the original loan agreements lacked the

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## Parties

- **Judges:** Sh. Dharminder…; SUMITAPURKA…
- **Appellants:** SHUBH G…
- **Respondents:** Anjani Technoplast…

## Timeline

- **2010-02-24 — Loan Agre…**: Loan agreement between Mr. Shubh Gautam and Anjani Technoplast Limited for Rs.…
- **2010-03-31 — Loan Agre…**: Loan agreement between Mr. Shubh Gautam and Anjani Technoplast Limited for Rs.…

## 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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