# 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-01785. Implenia Services and Solutions Private Limited, the Financial Creditor, filed a Company…

- **Court:** NCLT
- **Order date:** 8 Jul 2022
- **Citation:** TCN-2022-NCLT-01785
- **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-2022-114ed241

## 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 petition alleges that the Corporate Debtor defaulted in making payment to the Financial Creditor. The Corporate Debtor had approached the Financial Creditor for a corporate loan of Rs. 6,00,00,000 for business purposes, which the Financial Creditor agreed to advance in multiple tranches. A Loan Agreement was executed on June 29, 2018. The loan was disbursed in tranches. The Financial Creditor's name changed from InnovSource Private Limited to Implenia Services and

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## Facts

Implenia Services and Solutions Private Limited (Financial Creditor) filed a petition to initiate Corporate Insolvency Resolution Process (CIRP) against Glance Investments (India) Private Limited (Corporate Debtor) due to default in loan repayment. The Corporate Debtor requested a loan of Rs. 6,00,00,000 from the Financial Creditor, which was agreed upon and disbursed in tranches under a Loan Agreement dated June 29, 2018. The total disbursed amount was Rs. 1,94,61,910. The Financial Creditor's name changed from InnovSource Private Limited on October 18, 2018, and it merged with European Aviation Holding Company Private Limited (EAHCL). The Corporate Debtor also owed Rs. 59,60,030 to EAHCL, which was transferred to the Financial Creditor. The loan repayment was due on

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor defaulted in making payment of the outstanding dues to the Financial …

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

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**Reasoning:** The Financial Creditor presented evidence of the Loan Agreement, disbursement of funds,

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**Interpretation:** Section 7 of the IBC provides a mechanism for financial creditors to recover

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**Application:** The Financial Creditor demonstrated the existence of a debt and a default by

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## Parties

- **Judges:** P.N. Deshmukh…; Shyam Babu…
- **Respondents:** M/s. Glance…

## Timeline

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

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