# In the matter of Spasht Marketing Private Limited

> NCLT judgment dated 2024-01-01. Citation: TCN-2024-NCLT-03374. M/S. Megapix Commotrade Private Limited, the financial creditor, filed an application under…

- **Court:** NCLT
- **Order date:** 1 Jan 2024
- **Citation:** TCN-2024-NCLT-03374
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/spasht-marketing-private-limited-33e3d24a

## Summary

### Background

M/S. Megapix Commotrade Private Limited, the financial creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against M/S. Spasht Marketing Private Limited, the corporate debtor, seeking initiation of the Corporate Insolvency Resolution Process (CIRP). The financial creditor claimed a default of Rs. 2,94,48,657/- as of November 30, 2022, including interest at 12% per annum. The corporate debtor had requested a business loan of Rs. 180 Lakh, which led to a loan agreement of Rs. 165 Lakh with a 12% per annum interest rate. The loan was disbursed in three tranches in May 2016. The corporate debtor acknowledged the debt and requested extensions for repayment due to financial hardship.

## Facts

M/S. Megapix Commotrade Private Limited (Financial Creditor) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against M/S. Spasht Marketing Private Limited (Corporate Debtor). The Corporate Debtor approached the Financial Creditor for a business loan of Rs. 180 Lakh. A loan agreement dated 16.05.2016 was executed for Rs. 165 Lakh with a 12% per annum interest rate. The loan was disbursed in three tranches on 18.05.2016, 21.05.2016, and 23.05.2016. The Corporate Debtor issued Demand Promissory Notes and Payment Confirmation Letters. The Financial Creditor issued letters to the Corporate Debtor asking for repayment on 06.04.2021, 01.09.2021, and 10.12.2021. The Corporate Debtor requested more time to repay the loan and later requested a

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## Issues and analysis

### Issue 1: Whether there is any debt that is disbursed against …

**Ratio:** To establish a financial debt, the statement of the disbursement of money is essential.

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**Reasoning:** The court noted that a loan agreement was executed on 16.05.2016, wherein the Financial

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**Interpretation:** This issue concerns whether the debt in question qualifies as a 'financial

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**Application:** The court found that the loan agreement and the bank statements provided

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## Parties

- **Judges:** BIDISHA BA…; D. Ar…
- **Appellants:** M/S. MEGAPIX…
- **Respondents:** M/S. SPASHT…

## Timeline

- **2016-05-16 — Loan Agre…**: Loan agreement of Rs. 165 Lakh was executed between the Financial Creditor and Corporate…
- **2016-05-18 — Loan Disbur…**: Rs. 70 Lakh disbursed by the Financial…

## 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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