# In the matter of Opulent Infradevelopers Private Limited Company Petition No. (IB)-304 (ND)-2022

> NCLT judgment dated 2022-07-12. Citation: TCN-2022-NCLT-01761. Genesis Comtrade Private Limited filed an application under Section 7 of the Insolvency and…

- **Court:** NCLT
- **Order date:** 12 Jul 2022
- **Citation:** TCN-2022-NCLT-01761
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/opulent-infradevelopers-private-limited-company-petition-no-ib-304-nd-2022-7cc2f790

## Summary

### Background

Genesis Comtrade Private Limited filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Opulent Infradevelopers Private Limited. The applicant, Genesis Comtrade, claimed that Opulent Infradevelopers had defaulted on a loan agreement dated 31.03.2021. The application was filed due to the corporate debtor's failure to repay the loan amount, with an outstanding sum of Rs. 1,07,54,100/- as of 16.08.2022.

## Facts

Genesis Comtrade 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 Opulent Infradevelopers Private Limited, the corporate debtor. A loan agreement dated 31.03.2021 existed between the parties. Opulent Infradevelopers defaulted on repaying the loan, leading to an outstanding amount of Rs. 1,07,54,100/- as of 16.08.2022. The corporate debtor acknowledged its inability to repay due to financial difficulties. The applicant proposed Mr. Devendra Umrao as the Interim Resolution Professional (IRP). The registered office of the corporate debtor is in New Delhi, giving the NCLT territorial jurisdiction. The applicant provided necessary

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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 noted that the corporate debtor acknowledged committing default in repayment of

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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 found that the debt was proved to be due, and the default exceeded

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## Parties

- **Judges:** Sh. Dharminder…; Dr.Binod Kumar…
- **Appellants:** Genesis Comtrade…
- **Respondents:** Opulent Infradevel…

## Timeline

- **2021-03-31 — Loan Agreeme…**: Loan agreement executed between Genesis Comtrade Private Limited and Opulent…
- **2021-04-07 — Resolutio…**: Navneet Saxena authorized on…

## 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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