# In the matter of Trimurti Foodtech Private Limited Interlocutory Application No. 2243 of 2021
In Company Petition No. 1139 of 2020

> NCLT judgment dated 2022-01-21. Citation: TCN-2022-NCLT-04390. The case involves an Interlocutory Application (IA No. 2243 of 2021) filed in a Company…

- **Court:** NCLT
- **Order date:** 21 Jan 2022
- **Citation:** TCN-2022-NCLT-04390
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/trimurti-foodtech-private-limited-interlocutory-application-no-2243-of-2021-in-c-17cc6151

## Summary

### Background

The case involves an Interlocutory Application (IA No. 2243 of 2021) filed in a Company Petition (CP No. 1139 of 2020) under Section 60(5) of the Insolvency and Bankruptcy Code (I&B Code), 2016. The applicants, initially categorized as financial creditors, contested their re-categorization as 'related parties' by the Resolution Professional (RP). The applicants had provided financial assistance to the Corporate Debtor, Trimurti Foodtech Private Limited, and were later offered shareholding and directorship positions. Disputes arose regarding the issuance of shares and the repayment of investments, leading to the present application.

## Facts

The applicants, including Sandhya Dinesh Sancheti and others, initially acted as financial creditors to Trimurti Foodtech Private Limited (the Corporate Debtor). In July 2018, the Managing Director of the Corporate Debtor approached some of the applicants (Nos. 5 to 9) for financial assistance of Rs. 50 lakhs. Subsequently, the Corporate Debtor required more funds to settle liabilities of Rs. 16,89,29,237/- to State Bank of India. Applicants Nos. 5 to 9 then involved Applicants Nos. 1 to 4, proposing an investment in the company. An Investment Agreement/MoU was executed on 2018-11-28, offering the applicants 60% shareholding and appointment as Additional Directors. The Corporate Debtor was required to issue shares by 2019-11-17, but failed to do so. Applicants Nos. 1

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## Issues and analysis

### Issue 1: Whether the Applicants are 'related parties' to the Corporate Debtor under the Insolvency and …

**Ratio:** Section 5(24) and 5(24A) of the Insolvency and Bankruptcy Code, 2016 define 'related

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**Reasoning:** The court reasoned that the applicants, in their capacity as Directors of the Corporate

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**Interpretation:** The court interpreted Section 5(24) and 5(24A) broadly to encompass individuals

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**Application:** The court applied the definition of 'related party' to the specific facts of

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## Parties

- **Judges:** SUCHITRAKAN…; ANURADHA SANJAY…
- **Appellants:** Sandhya Dinesh…
- **Respondents:** Trimurti Foodtech…; Manoj Kumar…

## Timeline

- **2018-07-01 — Initial Financial…**: The Managing Director of the Corporate Debtor approached Applicant No. 5 to 9 for…
- **2018-11-28 — Investment Agre…**: An Investment Agreement/MoU was executed, offering the applicants 60% shareholding and…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60(5) — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

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