# In the matter of Glance Investments (India) Private Limited CP No. (IB) 87- MB-2022

> NCLT judgment dated 2022-07-08. Citation: TCN-2022-NCLT-01803. Implenia Services and Solutions Private Limited, the Financial Creditor, filed a Company…

- **Court:** NCLT
- **Order date:** 8 Jul 2022
- **Citation:** TCN-2022-NCLT-01803
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/glance-investments-india-private-limited-cp-no-ib-87-mb-2022-0b08cf45

## Summary

### Background

Implenia Services and Solutions Private Limited, the Financial Creditor, filed a Company Petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Glance Investments (India) Private Limited, the Corporate Debtor. The Financial Creditor alleged that the Corporate Debtor defaulted in making payment of an aggregate amount of Rs. 2,50,65,319/-, which included a principal amount of Rs. 1,94,61,910/- and interest of Rs. 56,03,409/- till 31st October 2021. The Corporate Debtor had approached the Financial Creditor for a corporate loan of Rs. 6,00,00,000/- for business purposes, which was agreed upon and disbursed in multiple tranches. The Financial Creditor's name was changed from

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## Facts

Implenia Services and Solutions Private Limited (Financial Creditor) filed a petition against Glance Investments (India) Private Limited (Corporate Debtor) under Section 7 of the Insolvency and Bankruptcy Code, 2016. The Corporate Debtor approached the Financial Creditor for a corporate loan of Rs. 6,00,00,000 for business purposes, as evidenced by a letter dated 25th April 2018. The Financial Creditor agreed to advance a loan of Rs. 6,00,00,000 in multiple tranches, as per a letter dated 31st May 2018. A Loan Agreement was executed on 29th June 2018. The loan was disbursed in tranches, totaling Rs. 1,94,61,910. The Financial Creditor's name changed from InnovSource Private Limited on 18th October 2018, and it merged with European Aviation Holding Company Private

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## Issues and analysis

### Issue 1: Whether the Financial Creditor has satisfactorily established the existence of debt and default on …

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

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**Reasoning:** The Financial Creditor presented records of the loan agreement, disbursement letters, and

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**Interpretation:** Section 7 of the IBC allows a financial creditor to initiate CIRP if a default

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**Application:** The Financial Creditor provided sufficient evidence of the loan and the

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## Parties

- **Judges:** P.N. Deshmukh…; Shyam Babu…
- **Appellants:** Implenia Services…; Implenia Services…
- **Respondents:** Glance Investments…

## Timeline

- **2018-04-25 — Corporate Debtor…**: Corporate Debtor wrote to the Financial Creditor requesting funds to the tune of Rs.…
- **2018-05-31 — Financial Creditor…**: Financial Creditor agreed to advance a Loan of…

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