# In the matter of Rushabh Civil Contractor Private Limited CP (IB) 2440-MB-C-I/-2019

> NCLT judgment dated 2022-06-27. Citation: TCN-2022-NCLT-02030. The Financial Creditor, Gajendra Investment Limited, filed a Company Petition under section 7…

- **Court:** NCLT
- **Order date:** 27 Jun 2022
- **Citation:** TCN-2022-NCLT-02030
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/rushabh-civil-contractor-private-limited-cp-ib-2440-mb-c-i-2019-b2d94e83

## Summary

### Background

The Financial Creditor, Gajendra Investment Limited, filed a Company Petition under section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Rushabh Civil Contractor Private Limited, the Corporate Debtor, due to an alleged default in repayment of a financial debt.

## Facts

Gajendra Investment Limited, the Financial Creditor, filed a Company Petition under section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process ( CIRP ) against Rushabh Civil Contractor Private Limited, the Corporate Debtor. The Corporate Debtor is a private company incorporated on May 7, 2008, under the Companies Act, 1956, with its registered office in Mumbai, granting the Mumbai Bench jurisdiction over the petition. The Financial Creditor advanced Rs.3,77,00,000/- to the Corporate Debtor on September 14, 2016. The Corporate Debtor provided a confirmation of accounts dated April 15, 2017, to the Financial Creditor. The Corporate Debtor failed to pay the promised interest amount and only deposited a partial TDS amount of

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## Issues and analysis

### Issue 1: Whether the Financial Creditor has successfully demonstrated the existence of a financial debt and …

**Ratio:** A financial debt and default are established when there is evidence of disbursement of

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**Reasoning:** The NCLT found that the Corporate Debtor had availed an advance from the Financial

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**Interpretation:** The NCLT interpreted **section 7** of the IBC in light of Supreme Court

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**Application:** In this case, the Financial Creditor provided a balance confirmation statement

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## Parties

- **Judges:** P.N. Des…; K.K. V…; +1 more
- **Appellants:** Gajendra Investmen…
- **Respondents:** Rushabh Civil…
- **Advocates:** For the Financial…; Counsel. For the…; +2 more

## Timeline

- **September 14, 2016 — Advance Amoun…**: The Financial Creditor, Gajendra Investment Limited, gave an advance amount of…
- **April 15, 2017 — Confirmation of…**: The Corporate Debtor provided a confirmation…

## 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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