# In the matter of Manjeera Retail Holdings Private Limited

> NCLT judgment dated 2024-05-02. Citation: TCN-2024-NCLT-01461. The case involves an Interlocutory Application (IA No. 213 of 2024) challenging the rejection…

- **Court:** NCLT
- **Order date:** 2 May 2024
- **Citation:** TCN-2024-NCLT-01461
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/manjeera-retail-holdings-private-limited-aed2ea9d

## Summary

### Background

The case involves an Interlocutory Application (IA No. 213 of 2024) challenging the rejection of a claim by the Applicant, M/s.S2Tech.com India Private Limited, by the Resolution Professional (RP) of the Corporate Debtor, M/s. Manjeera Retail Holdings Private Limited. The Applicant, an unsecured financial creditor, filed a claim with the RP, arguing that the Corporate Debtor is a guarantor for M/s. Manjeera Constructions Limited, which owes the Applicant Rs. 11,99,11,678/- as of 30.08.2023. The RP rejected the claim via email on 20.12.2023, stating that no guarantee invocation letter was sent to the Corporate Debtor and no board resolution was passed regarding the corporate guarantee.

## Facts

M/s.S2Tech.com India Private Limited (Applicant) filed a claim as an unsecured financial creditor against M/s. Manjeera Retail Holdings Private Limited (Corporate Debtor), which was undergoing Corporate Insolvency Resolution Process (CIRP) based on an order dated 18.07.2023 under Section 7 of the Insolvency & Bankruptcy Code. The CIRP was initiated by M/s. Catalyst Trusteeship Limited, a Financial Creditor. The Applicant's claim was based on the Corporate Debtor acting as a guarantor for M/s. Manjeera Constructions Limited, which owed the Applicant Rs. 11,99,11,678/- as of 30.08.2023, stemming from an Inter Corporate Deposit Agreement (ICD) dated 25.05.2013. The Resolution Professional (RP) rejected the Applicant's claim via email dated 20.12.2023, citing the

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## Issues and analysis

### Issue 1: Whether the rejection of the Applicant's claim by the Resolution Professional was justified under …

**Ratio:** The right to payment, whether matured or non-matured, falls within the definition of a

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**Reasoning:** The court considered the definition of a claim under Section 3(6) of the IBC, which

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**Interpretation:** The interpretation of Section 3(6) of the IBC is crucial in determining whether

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**Application:** In this case, the court found that the Applicant's claim was not valid because

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## Parties

- **Judges:** Rajeev Bh…; Sanjay…
- **Appellants:** M/s.S2Tech.com…
- **Respondents:** Manjeera Retail…; Mr.Birendra Kumar…
- **Advocates:** Shyam S…; Y. Suryana…; +8 more

## Timeline

- **2013-05-25 — Inter Corporate Deposit…**: Date of the Inter Corporate Deposit Agreement (ICD) between the Applicant and M/s…
- **2022-01-01 — Company Petition…**: Company Petition…

## 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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