# In the matter of Monet Vyapaar Private Limited C.P (IB) No.222-KB-2021

> NCLT judgment dated 2022-04-27. Citation: TCN-2022-NCLT-03019. The case involves an application under Section 7 of the Insolvency and Bankruptcy Code, 2016,…

- **Court:** NCLT
- **Order date:** 27 Apr 2022
- **Citation:** TCN-2022-NCLT-03019
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/monet-vyapaar-private-limited-cp-ib-no222-kb-2021-b6243ea1

## Summary

### Background

The case involves an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, filed by Subham Goodwill Private Limited (Financial Creditor) against Monet Vyapaar Private Limited (Corporate Debtor) for initiation of the Corporate Insolvency Resolution Process (CIRP). The Financial Creditor claims that the Corporate Debtor defaulted on an unsecured loan. The loan was originally sanctioned by Non Stop Marketing Pvt. Ltd. and later assigned to Subham Goodwill Private Limited. The Corporate Debtor disputes the claim, alleging that Non Stop Marketing Pvt. Ltd. never informed them about the assignment of the loan account and that the Financial Creditor suppressed material facts.

## Facts

Non Stop Marketing Pvt. Ltd. sanctioned an unsecured loan of Rs. 6,00,00,000 to Monet Vyapaar Private Limited (Corporate Debtor). The Financial Creditor disbursed Rs. 5,94,75,000 between March 29, 2008, and August 2017. The Corporate Debtor confirmed the disbursement by issuing receipts and promissory notes. On June 10, 2019, and July 15, 2019, the assignor (Non Stop Marketing Pvt. Ltd.) informed the Corporate Debtor that a principal sum of Rs. 3,00,25,000, along with 12% interest, was due. The Corporate Debtor requested a waiver of interest on July 29, 2019, and August 14, 2019. The assignor waived the interest on the condition that the balance amount be paid within four months from August 14, 2019. On December 31, 2019, the Corporate Debtor requested a further

…

## Issues and analysis

### Issue 1: Whether the application filed by the Financial Creditor under Section 7 of the Insolvency and …

**Ratio:** Section 7 of the Insolvency and Bankruptcy Code, 2016 allows a financial creditor to

…

**Reasoning:** The court considered the documents and arguments presented by both parties and determined

…

**Interpretation:** The interpretation of Section 7 involves determining whether a financial debt

…

**Application:** The court applied Section 7 to the facts of the case, considering the loan

…

## Parties

- **Judges:** RohitKa…; Harish Chan…
- **Appellants:** SUBHAM GOODWILL…
- **Respondents:** MONET VYAPAAR…

## Timeline

- **2008-03-29 — Loan Disbursem…**: Financial Creditor disbursed the sum of Rs.5,94,75,000/- from 29th March, 2008 to August,…
- **2017-08-01 — Loan Disburse…**: Financial Creditor disbursed the sum of Rs.5,94,75,000/- from 29th March, 2008 to August,…

## 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/monet-vyapaar-private-limited-cp-ib-no222-kb-2021-b6243ea1