# 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-01788. Implenia Services and Solutions Private Limited, the Financial Creditor, filed a Company…

- **Court:** NCLT
- **Order date:** 8 Jul 2022
- **Citation:** TCN-2022-NCLT-01788
- **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-2022-276d7e38

## 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 loan was due for repayment on 29th December 2019,

…

## 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 had approached the Financial Creditor for a corporate loan of Rs. 6,00,00,000 for business purposes. The Financial Creditor disbursed Rs. 1,94,61,910 in multiple tranches based on a Loan Agreement dated 29th June 2018. The loan repayment was due on 29th December 2019. The Financial Creditor sent notices demanding payment, but the Corporate Debtor failed to make payments. The Financial Creditor claimed a total default of Rs. 2,50,65,319, including principal and interest till 31st October 2021. The Corporate Debtor admitted to availing

…

## Issues and analysis

### Issue 1: Whether the Corporate Debtor committed a default …

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

…

**Reasoning:** The Financial Creditor presented evidence of the loan agreement, disbursement of funds,

…

**Interpretation:** The existence of a debt and a default in its repayment are the primary

…

**Application:** The Corporate Debtor's admission and the Financial Creditor's evidence

…

## Parties

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

## 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…

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/glance-investments-india-private-limited-cp-no-ib-87-mb-2022-276d7e38