# In the matter of Aryan Higher Study Consultants Private Limited

> NCLT judgment dated 2025-05-09. Citation: TCN-2025-NCLT-00095. Saina Global Inc., the Financial Creditor, filed a petition under Section 7 of the Insolvency…

- **Court:** NCLT
- **Order date:** 9 May 2025
- **Citation:** TCN-2025-NCLT-00095
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/aryan-higher-study-consultants-private-limited-612c1962

## Summary

### Background

Saina Global Inc., the Financial Creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Aryan Higher Study Consultants Private Limited, the Corporate Debtor. The application was based on the Corporate Debtor's alleged failure to repay a borrowing of USD 1,50,000 (Rs. 1,25,94,562) and a share of profits. The Adjudicating Authority directed the Applicant to file an affidavit clarifying whether the transaction fell within the purview of Financial Debt. The application was reserved on the issue of maintainability.

## Facts

In May 2019, Aryan Higher Study Consultants Private Limited (Corporate Debtor), through Mr. Manish Pahwa and Ms. Aruna Pahwa, approached Saina Global Inc. (Financial Creditor) for a borrowing of USD 1,50,000 (Rs. 1,25,94,562) to build apartments in Malviya Nagar, New Delhi. The Corporate Debtor assured the Financial Creditor a profit of USD 70,000-80,000 from selling the apartments and promised to share 50% of the profit. The Corporate Debtor promised to return the borrowings within 6-8 months. On May 18, 2019, the Financial Creditor transferred USD 1,50,000 (Rs. 1,25,94,562) to the Corporate Debtor's bank account. The Corporate Debtor neither repaid the borrowing nor paid the 50% share of profits. The Financial Creditor issued a legal notice to the Corporate Debtor on

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## Issues and analysis

### Issue 1: Whether the debt claimed by the Applicant falls within the definition of 'Financial Debt' under …

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

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**Reasoning:** The Adjudicating Authority reasoned that the profit-sharing arrangement was contingent

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**Interpretation:** The court interpreted Section 5(8) to require a certain transaction that takes

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**Application:** The Authority applied the ratio to the facts and found that the transaction was

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## Parties

- **Judges:** MAHENDRA KHANDELWA…; ATUL CHAT…
- **Appellants:** Saina Globa…
- **Respondents:** Aryan Higher…

## Timeline

- **2019-05-01 — Borrowing R…**: The Corporate Debtor approached the Financial…
- **2019-05-18 — Fund Tra…**: The Financial Creditor transferred USD…

## 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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