# In the matter of Nouvelle Advisory Services Private Limited C.P. (IB)191-KB-2022

> NCLT judgment dated 2023-01-11. Citation: TCN-2023-NCLT-05107. Unicon Vanijya Private Limited, the Financial Creditor, filed a petition under Section 7 of the…

- **Court:** NCLT
- **Order date:** 11 Jan 2023
- **Citation:** TCN-2023-NCLT-05107
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/nouvelle-advisory-services-private-limited-cp-ib191-kb-2022-9f819bbc

## Summary

### Background

Unicon Vanijya Private Limited, the Financial Creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Nouvelle Advisory Services Private Limited, the Corporate Debtor, due to a default in repayment of a loan. The Financial Creditor, a Non-Banking Financial Company (NBFC), had extended a loan to the Corporate Debtor in May 2021, which the Corporate Debtor failed to repay despite repeated demands. The Corporate Debtor argued that the repayment date was extended and no default occurred, but the Tribunal found this contention unsupported by evidence.

## Facts

Unicon Vanijya Private Limited, a Non-Banking Financial Company (NBFC), extended a loan to Nouvelle Advisory Services Private Limited in May 2021. The Corporate Debtor sought the loan to fund a new business venture, specifically to purchase land in Lucknow. The loan agreement was signed on June 21, 2021, and the Financial Creditor advanced Rs. 1.25 Crores to the Corporate Debtor on June 29, 2021. The loan was to be repaid after 6 months with 12% interest per annum. The Corporate Debtor failed to repay the loan by the due date of December 29, 2021, and sought an extension. The Financial Creditor issued a demand notice on January 17, 2022, requesting repayment. The Corporate Debtor failed to provide the audited balance sheet for the year ended March 31, 2021. The

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## Issues and analysis

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

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

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**Reasoning:** The Tribunal found that the Financial Creditor had filed the application in accordance

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**Interpretation:** Section 7 provides the mechanism for financial creditors to trigger the

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**Application:** The Financial Creditor, Unicon Vanijya Private Limited, properly filed the

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## Parties

- **Judges:** Rohit K…; Balraj…; +1 more
- **Appellants:** Unicon Vanijya…
- **Respondents:** Nouvelle Advisory…

## Timeline

- **2010-01-28 — Incorporation of…**: Nouvelle Advisory Services Private Limited was…
- **2021-05-01 — Corporate Debtor…**: Nouvelle Advisory Services Private Limited approached Unicon Vanijya Private Limited for…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 14 — Moratorium](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-14)

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