# In the matter of Vipul Ltd.

> NCLT judgment dated 2024-12-17. Citation: TCN-2024-NCLT-00042. The case involves an application by M/s Surya Dealtrade Pvt. Ltd. (Financial Creditor) seeking…

- **Court:** NCLT
- **Order date:** 17 Dec 2024
- **Citation:** TCN-2024-NCLT-00042
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/vipul-ltd-15ae7e5f

## Summary

### Background

The case involves an application by M/s Surya Dealtrade Pvt. Ltd. (Financial Creditor) seeking restoration of CP(IB) No. 860/ND/2020 against M/s Vipul Ltd. (Corporate Debtor). The original petition was filed under Section 7 of IBC, 2016, to initiate CIRP. The Financial Creditor claims that a loan of Rs. 1,05,00,000/- was given to the Corporate Debtor, evidenced by a Loan Acknowledgment Letter dated 22.08.2019. The Corporate Debtor defaulted on repayment, leading to the initial CIRP application. During the pendency of CP(IB) No. 860/ND/2020, another CIRP against the Corporate Debtor was initiated in CP(IB) No. 541/ND/2019, leading to the dismissal of the former as infructuous. However, the Supreme Court later set aside the order in CP(IB) No. 541/ND/2019, terminating

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## Facts

M/s Surya Dealtrade Pvt. Ltd. (Financial Creditor) filed CP(IB) No. 860/ND/2020 against M/s Vipul Ltd. (Corporate Debtor) under Section 7 of IBC, 2016, seeking initiation of CIRP based on a loan of Rs. 1,05,00,000/- given to the Corporate Debtor, evidenced by a Loan Acknowledgment Letter dated 22.08.2019. The Corporate Debtor was liable to pay interest at 16% p.a., with the loan returnable on 22.02.2020. The Applicant presented a post-dated cheque dated 22.02.2020, which was dishonored due to insufficient funds. The Corporate Debtor defaulted on repayment, with the amount outstanding being Rs. 1,14,80,383/- as of the filing date. During the pendency of CP(IB) No. 860/ND/2020, another CIRP was initiated against the Corporate Debtor in CP(IB) No. 541/ND/2019, leading to

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## Issues and analysis

### Issue 1: Whether the Adjudicating Authority should restore CP(IB) No. 860/ND/2020, which was previously …

**Ratio:** The legal principle is that when a petition is dismissed as infructuous without granting

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**Reasoning:** The court reasoned that the previous dismissal of CP(IB) No. 860/ND/2020 as infructuous,

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**Interpretation:** This issue involves the interpretation of the order dismissing the original

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**Application:** In this specific case, the court found that the order dismissing CP(IB) No.

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## Parties

- **Judges:** SH. ASHOK KUMAR…; SH. SUBRATA KUMAR…
- **Appellants:** M/s Surya…
- **Respondents:** M/s. Vipu…

## Timeline

- **2019-08-22 — Loan Acknowledgment…**: Loan Acknowledgment Letter executed between Applicant/FC and Respondent/CD for Rs.…
- **2019-08-22 — Amount Tr…**: The amount of Rs. 1,05,00,000/- was…

## 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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