# Vinod Kumar Bukalsaria vs. Assam Petroleum Ltd.

> NCLT judgment dated 2026-08-14. Citation: TCN-2026-NCLT-00877. Vinod Kumar Bukalsaria, the Financial Creditor, filed a petition under Section 7 of the…

- **Court:** NCLT
- **Order date:** 14 Aug 2026
- **Citation:** TCN-2026-NCLT-00877
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-guwahati/vinod-kumar-bukalsaria-vs-assam-petroleum-ltd-y8htp

## Summary

### Background

Vinod Kumar Bukalsaria, the Financial Creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Assam Petroleum Limited, the Corporate Guarantor. The petition sought to initiate the Corporate Insolvency Resolution Process (CIRP) due to a default on a financial debt. A Loan Agreement was executed on July 7, 2023, between the Financial Creditor and Mr. Manohar Chaudhary (Borrower), a Director of the Corporate Guarantor, for a maximum amount of Rs. 2,00,00,000/-. Assam Petroleum Limited stood as a Corporate Guarantor for this loan. The Borrower failed to repay the outstanding amount by the stipulated date of July 31, 2025, leading to the invocation of the Corporate Guarantee.

## Facts

Vinod Kumar Bukalsaria (Financial Creditor) filed a petition under Section 7 of the IBC, 2016, to initiate CIRP against Assam Petroleum Limited (Corporate Guarantor).

The financial debt in default is Rs. 1,99,72,728/- (inclusive of interest) as on 01.08.2025.

Assam Petroleum Limited is a Private Limited Company incorporated on 25.09.1998.

A Loan Agreement was executed on July 7, 2023, between the Financial Creditor and Mr. Manohar Chaudhary (Director of the Corporate Guarantor/Borrower) for a maximum amount of Rs. 2,00,00,000/-.

Assam Petroleum Limited stood as a Corporate Guarantor for the said loan.

The loan was to be repaid on or before July 31, 2025, with a minimum monthly payment of Rs. 3,00,000/-.

…

## Issues and analysis

### Issue 1: Whether there exists a Financial Debt within …

**Ratio:** A financial debt exists when there is a disbursement against the consideration for the

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**Reasoning:** The Financial Creditor advanced Rs. 2,03,98,000/- to the Borrower, Mr. Manohar Chaudhary,

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**Interpretation:** Section 5(8) of the IBC defines 'financial debt'. The transaction, including

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**Application:** The Tribunal held that the Financial Creditor successfully established the

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## Parties

- **Judges:** Rammurti Ku…; Yogendra Kumar…
- **Appellants:** Vinod Kumar…
- **Respondents:** Assam Petroleum…
- **Other parties:** Committee of…; Manohar Cha…; +1 more
- **Advocates:** K. Si…; K. Bo…; +1 more

## Timeline

- **2023-07-07 — Loan Agreement and…**: Loan Agreement executed between Financial Creditor and Mr. Manohar Chaudhary (Borrower),…
- **2025-07-31 — Loan Repayment…**: Stipulated date for the Borrower to repay the entire principal amount along with accrued…

## 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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