# In the matter of MHG land Stocklist Private Limited Company Petition No. (IB) 259 (ND)-2021

> NCLT judgment dated 2022-06-10. Citation: TCN-2022-NCLT-02269. The case involves an application filed by Remotebullion and Jewels Private Limited under…

- **Court:** NCLT
- **Order date:** 10 Jun 2022
- **Citation:** TCN-2022-NCLT-02269
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/mhg-land-stocklist-private-limited-company-petition-no-ib-259-nd-2021-8a6788bf

## Summary

### Background

The case involves an application filed by Remotebullion and Jewels Private Limited under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against MHG Land Stocklist Private Limited, the corporate debtor. The applicant claims that the corporate debtor defaulted on a loan agreement, with an outstanding amount of Rs. 2,03,39,000/-. The corporate debtor was proceeded ex-parte due to non-appearance despite service of notice. The applicant proposed Mr. Anil Tayal as the Interim Resolution Professional (IRP).

## Facts

Remotebullion and Jewels Private Limited (the financial creditor) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against MHG Land Stocklist Private Limited (the corporate debtor). The financial creditor claimed that the corporate debtor defaulted on a loan agreement, with an outstanding amount of Rs. 2,03,39,000/-. The corporate debtor was proceeded ex-parte due to non-appearance despite service of notice. The applicant proposed Mr. Anil Tayal as the Interim Resolution Professional (IRP). The applicant submitted documents including bank statements, TDS deductions, audit reports, financial statements, and demand letters to prove its claim. The corporate debtor's registered

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## Issues and analysis

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

**Ratio:** An application under Section 7 of the Code is maintainable if the debt is proved to be

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**Reasoning:** The court found that the applicant had placed sufficient material on record to prove that

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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 court applied the ratio to the facts of the case and found that the

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## Parties

- **Judges:** DHARMINDER…; SUMITA PURK…; +1 more
- **Appellants:** Remotebullion And…
- **Respondents:** MHG Land Stocklist…

## Timeline

- **2021-03-23 — Resolutio…**: Mr. Ashok Kumar Gupta, authorized on behalf of applicant vide Resolution dated 23.03.2021…
- **2021-05-06 — Ex-parte…**: Corporate debtor was proceeded…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60 — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

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