# In the matter of Greenleaf Commerce Pvt. Ltd. CP No. (IB) 515- MB-2020

> NCLT judgment dated 2022-11-25. Citation: TCN-2022-NCLT-00324. Esoteric Trading Pvt. Ltd. filed a Company Petition under Section 7 of the Insolvency and…

- **Court:** NCLT
- **Order date:** 25 Nov 2022
- **Citation:** TCN-2022-NCLT-00324
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/greenleaf-commerce-pvt-ltd-cp-no-ib-515-mb-2020-5e5188f1

## Summary

### Background

Esoteric Trading Pvt. Ltd. filed a Company Petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Greenleaf Commerce Pvt. Ltd. The petition alleges that Greenleaf Commerce Pvt. Ltd. defaulted in making payment to Esoteric Trading Pvt. Ltd.

## Facts

Esoteric Trading Pvt. Ltd. (Financial Creditor) filed a petition against Greenleaf Commerce Pvt. Ltd. (Corporate Debtor) under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate CIRP. The Corporate Debtor allegedly defaulted in making payment to the Financial Creditor. The Corporate Debtor approached the Financial Creditor for a loan of Rs. 7,48,00,000, and both parties entered into a Loan Agreement dated February 28, 2017. According to the agreement, the Corporate Debtor was liable to repay the loan amount on or before April 2019. The Financial Creditor submitted that the loan was not repaid on the due date, and despite several requests and reminders, the Corporate Debtor failed to repay the outstanding amount. The outstanding dues aggregated

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## Issues and analysis

### Issue 1: Whether the Company Petition filed by the Financial Creditor is liable to be admitted under Section …

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

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**Reasoning:** The court found that the Financial Creditor had successfully demonstrated and proved the

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**Interpretation:** Section 7 provides the mechanism for a financial creditor to trigger the

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**Application:** The court applied the provisions of Section 7 to the facts of the case and

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## Parties

- **Judges:** P.N. Des…; Shyam Babu…
- **Appellants:** Esoteric Trading…
- **Respondents:** Greenleaf…

## Timeline

- **2017-02-28 — Loan Agre…**: The Corporate Debtor and the Financial Creditor entered into a Loan Agreement for Rs.…
- **2019-04-01 — Loan Repayment…**: The Corporate Debtor was liable to repay…

## 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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