# In the matter of Omansh Enterprises Limited (IB)-262(PB)-2022

> NCLT judgment dated 2023-01-31. Citation: TCN-2023-NCLT-04848. Raconteur Granite Private Limited filed an application under Section 7 of the Insolvency and…

- **Court:** NCLT
- **Order date:** 31 Jan 2023
- **Citation:** TCN-2023-NCLT-04848
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/omansh-enterprises-limited-ib-262pb-2022-dc9c78ff

## Summary

### Background

Raconteur Granite Private Limited filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Omansh Enterprises Limited for initiating the Corporate Insolvency Resolution Process (CIRP). Raconteur Granite Private Limited, the financial creditor, claimed that Omansh Enterprises Limited, the corporate debtor, defaulted on Inter Corporate Deposits (ICD). The application was filed due to the corporate debtor's failure to repay the principal amount of Rs. 1,11,00,000 along with interest at 12% as per the ICD terms. The corporate debtor acknowledged the debt and default.

## Facts

Raconteur Granite Private Limited (Financial Creditor) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate CIRP against Omansh Enterprises Limited (Corporate Debtor). The Corporate Debtor had taken Inter Corporate Deposits (ICD) from the Financial Creditor. The total sum of ICDs was Rs. 1,11,00,000 with an interest rate of 12%. The ICDs were issued between 2021-10-11 and 2022-02-12, with maturity dates specified in each ICD. The Corporate Debtor acknowledged the debt in its bank statement. The Corporate Debtor defaulted on the repayment of the ICDs along with interest. The date of default, according to the ICD endorsement, was 2022-02-28. The Financial Creditor provided a ledger copy confirming the default amount, including

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## Issues and analysis

### Issue 1: Whether the application filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, for …

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

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**Reasoning:** The court found that the application was filed under Section 7 of the Code and Rule 4(1)

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

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**Application:** The court applied Section 7 to the facts of the case, noting that Raconteur

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## Parties

- **Judges:** Ramalingam…; Sh. Avinash Kumar…
- **Appellants:** Raconteur Granite…
- **Respondents:** Omansh Enterprises…

## Timeline

- **2016-01-01 — Enactment…**: The Insolvency and…
- **2021-10-11 — ICD Issuance S…**: Inter Corporate Deposits (ICDs)…

## 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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