# In the matter of DAHISAR TRADERS PRIVATE LIMITED

> NCLT judgment dated 2025-04-23. Citation: TCN-2025-NCLT-00191. The case pertains to an application filed under Section 7 of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 23 Apr 2025
- **Citation:** TCN-2025-NCLT-00191
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/dahisar-traders-private-limited-4e30c847

## Summary

### Background

The case pertains to an application filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, by Miller Traders Private Limited (Financial Creditor) against Dahisar Traders Private Limited (Corporate Debtor) seeking initiation of Corporate Insolvency Resolution Process (CIRP). The Financial Creditor claimed that the Corporate Debtor defaulted on a loan agreement executed on November 8, 2023, where a loan facility of Rs. 1,60,00,000 was sanctioned. The Corporate Debtor was required to formally communicate any request for disbursement to the lender at least one day prior to the intended date of disbursement. The tenure of the loan facility was for eight months. A total of ₹ 15,850,000 was disbursed in four tranches. The loan became due and payable on July 7,

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## Facts

Miller Traders Private Limited (Financial Creditor) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Dahisar Traders Private Limited (Corporate Debtor). A loan agreement was executed between the parties on November 8, 2023, for a loan facility of Rs. 1,60,00,000. The Corporate Debtor was required to request disbursement at least one day prior to the intended date. The loan tenure was eight months. The Financial Creditor disbursed a total of ₹ 15,850,000 in four tranches. The loan became due on July 7, 2024. The Financial Creditor issued demand notices on July 10, 2024, July 15, 2024, August 5, 2024, and September 2, 2024, seeking payment of the outstanding amount. The Corporate Debtor acknowledged the debt in a reply dated

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## Issues and analysis

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

**Ratio:** Section 7 of the Insolvency and Bankruptcy Code, 2016, allows a financial creditor to

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**Reasoning:** The court observed that the Financial Creditor had submitted sufficient evidence,

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**Interpretation:** Section 7 provides a mechanism for financial creditors to recover their dues

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**Application:** In this case, the Financial Creditor provided evidence of the loan agreement,

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## Parties

- **Judges:** BIDISHA BA…; Cmde Siddharth…
- **Appellants:** Miller Traders…
- **Respondents:** Dahisar Traders…
- **Advocates:** Aurin Chakr…; Rahul…; +2 more

## Timeline

- **2023-11-08 — Loan Agreement…**: A loan agreement was executed between Miller Traders Private Limited (Financial Creditor)…
- **2024-11-08 — Loan Facility S…**: The financial creditor sanctioned a loan facility through an agreement for a maximum…

## 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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