# In the matter of LV Universal Pvt. Ltd.

> NCLT judgment dated 2023-10-31. Citation: TCN-2023-NCLT-00947. The application was filed on 2023-04-23 by M/s Kaliber Associates Pvt. Ltd., the Financial…

- **Court:** NCLT
- **Order date:** 31 Oct 2023
- **Citation:** TCN-2023-NCLT-00947
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/lv-universal-pvt-ltd-66ef923a

## Summary

### Background

The application was filed on 2023-04-23 by M/s Kaliber Associates Pvt. Ltd., the Financial Creditor, through its liquidator, before the Adjudicating Authority under Section 7 of the Insolvency and Bankruptcy Code, 2016, for initiating the Corporate Insolvency Resolution Process (CIRP) against M/s L.V. Universal Pvt. Ltd., the Corporate Debtor. The Financial Creditor is undergoing liquidation process vide order dated 2020-01-02. The total amount claimed to be in default is Rs. 4,13,74,418/-. The Corporate Debtor was incorporated on 2011-03-10 and is involved in Real estate activities.

## Facts

M/s Kaliber Associates Pvt. Ltd., the Financial Creditor (FC), filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) to initiate Corporate Insolvency Resolution Process (CIRP) against M/s L.V. Universal Pvt. Ltd., the Corporate Debtor (CD). The FC is undergoing liquidation. The total amount claimed to be in default is Rs. 4,13,74,418/-. The CD was incorporated on 2011-03-10 and is involved in real estate activities. The FC disbursed loans and advances to the CD during the period 2014-09-13 to 2018-10-26. The CD stated that the outstanding amount as shown in the balance sheet of the FC is neither confirmed nor due and payable. The FC issued a legal notice to the CD to pay the outstanding amount. The FC filed an application for

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## Issues and analysis

### Issue 1: Whether the application under Section 7 of the …

**Ratio:** The adjudicating authority is satisfied that a default has occurred, the application must

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**Reasoning:** The Adjudicating Authority considered the submissions made and documents placed on

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

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**Application:** The Adjudicating Authority found that the Financial Creditor had disbursed

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## Parties

- **Judges:** Ramalingam…; AVINASH K.…
- **Appellants:** M/s Kaliber…
- **Respondents:** M/s L.V. Universal…
- **Advocates:** Rajeev Cho…; Deepak…

## Timeline

- **2011-03-10 — Incorporation of…**: M/s L.V. Universal Pvt.…
- **2014-09-13 — Loan Disbursement Start…**: Start date of loan and advances disbursement by the Financial Creditor to the Corporate…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 12A — (1) Subject to sub](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-12a)

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