# In the matter of Komal Kakade Constructions Private Limited C.P. No. 1394-IBC-MB-2020

> NCLT judgment dated 2022-08-10. Citation: TCN-2022-NCLT-01420. Samata Nagari Sahkari Patsanstha Maryadit, Kopargaon filed a Company Petition under Section 7…

- **Court:** NCLT
- **Order date:** 10 Aug 2022
- **Citation:** TCN-2022-NCLT-01420
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/komal-kakade-constructions-private-limited-cp-no-1394-ibc-mb-2020-01c3bda3

## Summary

### Background

Samata Nagari Sahkari Patsanstha Maryadit, Kopargaon filed a Company Petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Komal Kakade Constructions Private Limited, citing an unresolved financial debt of Rs. 1,10,17,026.93. The petitioner, a Co-operative Credit Society, had provided credit facilities to the corporate debtor, which defaulted on repayment. The financial creditor initiated legal action through the Assistant Registrar, Co-operative Societies, Pune, obtaining a Recovery Certificate under section 101 of the Maharashtra Co-Operative Societies Act. Despite this, the corporate debtor failed to make payments, leading to the filing of the petition.

## Facts

Samata Nagari Sahkari Patsanstha Maryadit, Kopargaon (the Petitioner), a Co-operative Credit Society, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Komal Kakade Constructions Private Limited (the Corporate Debtor). The Corporate Debtor had approached the Petitioner for renewal of existing credit facilities, specifically a Working Capital Cash Credit Loan of Rs. 1,25,00,000 for business expansion. The Petitioner sanctioned and disbursed credit facilities for a 9-month period from 31.03.2018 to 31.12.2018. The Corporate Debtor defaulted on repayment from March 2018 onwards. The Petitioner initiated legal action through the Assistant Registrar, Co-operative Societies, Pune,

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## Issues and analysis

### Issue 1: Whether the Company Petition filed by the Financial Creditor satisfies the requirements for …

**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 petitioner had provided sufficient evidence, including loan

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

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**Application:** The court applied Section 7 to the facts, noting that the petitioner had met

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## Parties

- **Judges:** H.V. Subb…; ANURADHA SANJAY…
- **Appellants:** Samata Nagari…
- **Respondents:** Komal Kakade…; Akshay P…
- **Advocates:** Seetalaxmi…; Akshay P…; +1 more

## Timeline

- **2018-03-31 — Loan Disbur…**: Credit facilities disbursed for a period of…
- **2018-03-01 — Default on Re…**: Corporate Debtor defaulted in the repayment of credit facilities and interest due thereon…

## 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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