# In the matter of Right Health Platter Private Limited

> NCLT judgment dated 2024-09-20. Citation: TCN-2024-NCLT-00579. Ugro Capital Limited filed an application under Section 7 of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 20 Sept 2024
- **Citation:** TCN-2024-NCLT-00579
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/right-health-platter-private-limited-3fa7392b

## Summary

### Background

Ugro Capital Limited filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Right Health Platter Private Limited, the Corporate Debtor. The Financial Creditor, Ugro Capital Limited, sought to admit the application, declare a moratorium, and appoint an Interim Resolution Professional (IRP). The Corporate Debtor is engaged in the trading business of Food and Dairy Products. The Financial Creditor and the Corporate Debtor entered into a Facility Agreement dated 27.05.2023, under which the Financial Creditor granted a credit facility of Rs. 5,00,00,000/-. The Corporate Debtor failed to repay the outstanding amounts, leading to the Financial Creditor issuing a Loan Recall

…

## Facts

Ugro Capital Limited (Financial Creditor) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate CIRP against Right Health Platter Private Limited (Corporate Debtor). The Corporate Debtor is engaged in the trading business of Food and Dairy Products. The Financial Creditor and Corporate Debtor entered into a Facility Agreement dated 27.05.2023, granting a credit facility of Rs. 5,00,00,000/-. The Corporate Debtor executed a Demand Promissory Note and Letter of Continuity on 26.05.2023. The Financial Creditor disbursed Rs. 4,99,95,075/- on 30.05.2023 in multiple tranches. The Corporate Debtor failed to repay the outstanding amounts, leading to a Loan Recall Notice dated 29.08.2023, seeking repayment of Rs. 5,06,34,266/-. The

…

## 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 IBC, 2016 allows a financial creditor to initiate CIRP against a

…

**Reasoning:** The Adjudicating Authority considered the submissions and evidence presented by the

…

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

…

**Application:** In this case, the Financial Creditor provided sufficient evidence to establish

…

## Parties

- **Judges:** SANJIV…; Venkataraman…
- **Appellants:** Ugro Capit…
- **Respondents:** Right Health…
- **Advocates:** Bhara…; Ashwin…; +2 more

## Timeline

- **2023-05-26 — Execution of Demand Promissory Note and Letter…**: The Corporate Debtor executed a Demand Promissory Note and Letter of Continuity in favor…
- **2023-05-27 — Facility Ag…**: The Financial Creditor and the Corporate Debtor entered into a Facility Agreement under…

## 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/right-health-platter-private-limited-3fa7392b