# In the matter of Trans Polyurethane Private Limited

> NCLT judgment dated 2023-12-15. Citation: TCN-2023-NCLT-00222. Shirijay Infra Pvt Ltd, the Financial Creditor, filed a petition under Section 7 of the…

- **Court:** NCLT
- **Order date:** 15 Dec 2023
- **Citation:** TCN-2023-NCLT-00222
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/trans-polyurethane-private-limited-14afb40b

## Summary

### Background

Shirijay Infra Pvt Ltd, the Financial Creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Trans Polyurethane Private Limited, the Corporate Debtor, seeking initiation of Corporate Insolvency Resolution Process (CIRP). The petition was based on an alleged default of Rs. 3,68,20,072/-. The debt was initially owed to Satec Envir Engineering (India) Pvt. Ltd., which allegedly assigned it to Shirijay Infra Pvt Ltd. The application was filed on 22.04.2022.

## Facts

Shirijay Infra Pvt Ltd filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Trans Polyurethane Private Limited, seeking initiation of CIRP based on a default of Rs. 3,68,20,072/-. The debt was allegedly assigned to Shirijay Infra Pvt Ltd by Satec Envir Engineering (India) Pvt. Ltd., the original lender. The application was filed on 22.04.2022, with the date of default stated as 08.01.2022. The Applicant claimed that Satec Envir Engineering had provided financial assistance to the Respondent, who failed to repay. The original lender then assigned the debt to the Applicant. The Applicant provided a deed of assignment dated 15.05.2021. The Adjudicating Authority observed that the Applicant failed to provide sufficient evidence of loan

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## Issues and analysis

### Issue 1: Whether the Applicant, Shirijay Infra Pvt Ltd, has provided sufficient evidence to prove the …

**Ratio:** The burden of proof lies on the Applicant to establish that a financial debt exists and

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**Reasoning:** The Adjudicating Authority observed that the Applicant failed to provide sufficient

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**Interpretation:** The interpretation of Section 7 of the IBC requires the applicant to

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**Application:** In this case, the Applicant failed to provide sufficient evidence of

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## Parties

- **Judges:** SHAMMI…; SAMEER…
- **Appellants:** Shirijay Infra…
- **Respondents:** Trans Polyurethane…
- **Advocates:** Mily Gh…

## Timeline

- **2022-04-22 — Application…**: The petition was filed by the Financial Creditor M/s. Shirijay Infra Private Limited…
- **2022-11-16 — Ex-parte…**: The Adjudicating Authority passed an ex-parte order against the Respondent as no one…

## 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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