# In the matter of Manjeera Retail Holdings Pvt. Ltd.

> NCLT judgment dated 2023-07-18. Citation: TCN-2023-NCLT-02468. The case involves an application filed under Section 7 of the Insolvency and Bankruptcy Code,…

- **Court:** NCLT
- **Order date:** 18 Jul 2023
- **Citation:** TCN-2023-NCLT-02468
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/manjeera-retail-holdings-pvt-ltd-1ed64c17

## Summary

### Background

The case involves an application filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, by Catalyst Trusteeship Limited, a financial creditor, against Manjeera Retail Holdings Pvt. Ltd., the corporate debtor. The application seeks to initiate the Corporate Insolvency Resolution Process (CIRP) against the corporate debtor due to a default in discharging a debt owed to the financial creditor. The corporate debtor had availed a term loan facility from Altico Capital India Limited, which was later assigned to Catalyst Trusteeship Limited. The corporate debtor defaulted on repayment, leading to the application for CIRP.

## Facts

Catalyst Trusteeship Limited, a financial creditor, filed an application against Manjeera Retail Holdings Pvt. Ltd., the corporate debtor, under Section 7 of the Insolvency and Bankruptcy Code, 2016. The corporate debtor had availed a term loan facility of Rs. 325,00,00,000/- from Altico Capital India Limited, out of which Rs. 274,80,00,000/- was disbursed. Altico later assigned the debt to Catalyst Trusteeship Limited. The corporate debtor defaulted on the installment due on 31.12.2021. The corporate debtor made some part payments but substantially lagged in making full payments as per the agreed schedule. The corporate debtor cited the impact of the COVID-19 pandemic on its business as a reason for the default. The corporate debtor was in negotiations with LULU

…

## Issues and analysis

### Issue 1: Whether there exists a debt of a sum over Rupees One …

**Ratio:** The existence of a financial debt and default are prerequisites for admitting an

…

**Reasoning:** The Adjudicating Authority found that the financial creditor had produced all the

…

**Interpretation:** Section 5(8)(b) of IBC defines financial debt, and Section 5(7) defines

…

**Application:** The Adjudicating Authority determined that the corporate debtor had availed a

…

## Parties

- **Judges:** Chief Justice…; SH. CHARAN…
- **Respondents:** M/s. Manjeera…

## Timeline

- **2006-10-06 — Development Ag…**: Andhra Pradesh Housing Board (APHB) and M/s. Manjeera Constructions Limited entered into…
- **2006-11-22 — Development Ag…**: Andhra Pradesh Housing Board (APHB) and M/s. Manjeera Constructions Limited entered into…

## 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)

---

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/manjeera-retail-holdings-pvt-ltd-1ed64c17