# In the matter of SIBRI TRADERS PRIVATE LIMITED

> NCLT judgment dated 2025-04-24. Citation: TCN-2025-NCLT-00188. M/s Bakliwal Vyapaar Pvt. Ltd. filed an application under Section 7 of the Insolvency and…

- **Court:** NCLT
- **Order date:** 24 Apr 2025
- **Citation:** TCN-2025-NCLT-00188
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/sibri-traders-private-limited-d300baff

## Summary

### Background

M/s Bakliwal Vyapaar Pvt. Ltd. filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against M/s Sibri Traders Pvt. Ltd., alleging default on a loan facility. The application was based on an Inter-Company Loan Agreement dated 06.05.2022, where the Corporate Debtor availed a loan of Rs. 1,50,00,000. The Financial Creditor claimed a total financial debt of Rs. 2,06,96,803/-, including interest at 15%, with the date of default being 05.05.2024. The Corporate Debtor admitted to facing a financial crunch but contended that the application was filed with mala fide intent and sought dismissal.

## Facts

M/s Bakliwal Vyapaar Pvt. Ltd. (Financial Creditor) filed an application against M/s Sibri Traders Pvt. Ltd. (Corporate Debtor) under Section 7 of the Insolvency and Bankruptcy Code, 2016. The application was based on an Inter-Company Loan Agreement dated 06.05.2022, where the Corporate Debtor availed a loan facility of Rs. 1,50,00,000. The Financial Creditor claimed a total financial debt of Rs. 2,06,96,803/-, including interest at 15%, with the date of default being 05.05.2024. The loan facility was granted for 24 months, commencing from the date of first disbursement. Disbursements occurred on 07.05.2022 (Rs. 56,00,000), 07.05.2022 (Rs. 60,00,000), 20.07.2022 (Rs. 19,00,000), and 30.08.2022 (Rs. 13,00,000), totaling Rs. 1,48,00,000. The Corporate Debtor defaulted on

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## Issues and analysis

### Issue 1: Whether there is debt and default within …

**Ratio:** The legal principle applied is that if a debt exists and a default has occurred, the

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**Reasoning:** The NCLT reasoned that the Corporate Debtor availed a loan facility, defaulted on

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**Interpretation:** The interpretation of the legal issue involves determining whether the

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**Application:** The ratio and reasoning apply to the specific facts of the case because the

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## Parties

- **Judges:** Praveen…; Ashish…
- **Appellants:** M/s Bakliwal…
- **Respondents:** M/s Sibri Traders…

## Timeline

- **2022-05-06 — Loan Agreeme…**: Inter-Company Loan Agreement executed between M/s Bakliwal Vyapaar Pvt. Ltd. and M/s…
- **2022-05-07 — First Disbu…**: First disbursement of loan amount (Rs. 56,00,000) by the Financial Creditor to the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 14 — Moratorium](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-14)

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