# In the matter of Renu Proptech Pvt. Ltd.

> NCLT judgment dated 2023-07-25. Citation: TCN-2023-NCLT-02358. The case involves a dispute between M/s Kaliber Associates Pvt. Ltd. (Financial…

- **Court:** NCLT
- **Order date:** 25 Jul 2023
- **Citation:** TCN-2023-NCLT-02358
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/renu-proptech-pvt-ltd-f5530c43

## Summary

### Background

The case involves a dispute between M/s Kaliber Associates Pvt. Ltd. (Financial Creditor/Applicant) and M/s Renu Proptech Pvt. Ltd. (Corporate Debtor/Respondent) regarding a financial debt of Rs. 3.31 Crores. Kaliber Associates initiated insolvency proceedings against Renu Proptech under Section 7 of the IBC, 2016. The Corporate Debtor argued that the amount was not a financial debt but an advance towards a property purchase and was adjusted against dues from Kaliber Associates to BDR Builders and Developers Private Limited, a sister concern. The Adjudicating Authority considered whether the amount was a financial debt, whether the balance sheet entry was sufficient proof, whether a business advance could be a financial debt, and whether the petition was barred by

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## Facts

M/s Kaliber Associates Pvt. Ltd. (Financial Creditor) claimed that M/s Renu Proptech Pvt. Ltd. (Corporate Debtor) defaulted on a financial debt of Rs. 3.31 Crores. The Financial Creditor disbursed Rs. 2.31 Crores on 2016-01-14 and Rs. 1 Crore on 2016-01-20 to the Corporate Debtor. The Corporate Debtor contended that the amount was an advance towards a property purchase in Vasant Vihar, New Delhi, and was later adjusted against dues from the Financial Creditor to M/s BDR Builders and Developers Private Limited, a sister concern. Mr. Lalit Modi, an ex-director of the Financial Creditor, was involved in the transaction. The Corporate Debtor argued that the petition was barred by limitation, as it was filed on 2022-01-17, beyond the prescribed period. The Financial

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## Issues and analysis

### Issue 1: Whether the amount of Rs. 3.31 Crore admittedly given by Petitioner to Respondent is financial debt …

**Ratio:** The essential ingredient of a financial debt is disbursal against consideration for the

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**Reasoning:** The Adjudicating Authority analyzed the definition of 'financial debt' under Section 5(8)

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**Interpretation:** The definition of 'financial debt' under Section 5(8) of the IBC, 2016,

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**Application:** In this case, the Adjudicating Authority found that the Financial Creditor

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## Parties

- **Judges:** SH. ASHOK KUMAR…; SH. L. N.…
- **Appellants:** M/s Kaliber…
- **Respondents:** M/s. Renu…

## Timeline

- **2016-01-14 — Disbursement…**: M/s Kaliber Associates Pvt. Ltd. disbursed Rs.…
- **2016-01-20 — Disbursement…**: M/s Kaliber Associates Pvt. Ltd. disbursed…

## 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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