# In the matter of Manasavi Infracon Private Limited

> NCLT judgment dated 2025-12-12. Citation: TCN-2025-NCLT-01891. The case involves a petition filed under Section 7 of the Insolvency and Bankruptcy Code, 2016…

- **Court:** NCLT
- **Order date:** 12 Dec 2025
- **Citation:** TCN-2025-NCLT-01891
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-indore/manasavi-infracon-private-limited-33d8ef9b

## Summary

### Background

The case involves a petition filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 by Gautam Rai Rally and Priya Rally (Financial Creditors) to initiate Corporate Insolvency Resolution Process (CIRP) against Manasavi Infracon Private Limited (Corporate Debtor) for default in payment of outstanding debts amounting to Rs. 2.33 Crore.

## Facts

Gautam Rai Rally and Priya Rally (Financial Creditors) filed a petition under Section 7 of the IBC to initiate CIRP against Manasavi Infracon Private Limited (Corporate Debtor).

The Financial Creditors claimed a default of Rs. 2.33 Crore, including unsecured loans and unpaid share value consideration.

The Corporate Debtor argued that the share value consideration was a personal obligation of the shareholders and that the Applicants did not qualify as Financial Creditors.

The Corporate Debtor claimed to have already paid Rs. 1,14,20,000/- out of the unsecured loan, leaving only Rs. 3,15,000/- unpaid.

The Adjudicating Authority noted that the share value consideration constituted a shareholder dispute and did not qualify as a financial debt under Section 5(8) of the Code.

…

## Issues and analysis

### Issue 1: Whether an oral agreement for the disbursement of an unsecured loan amount, along with share …

**Ratio:** Share application money cannot be treated as a financial debt so as to enable the

…

**Reasoning:** The Adjudicating Authority relied on the precedent set in Promod Sharma Vs M/S Karanaya

…

**Interpretation:** Amounts paid towards share consideration are not expressly covered in the

…

**Application:** The Adjudicating Authority held that the alleged share consideration does not

…

## Parties

- **Judges:** Brajendra Mani…; Man Mohan…
- **Appellants:** Gautam Rai…; Priya R…
- **Respondents:** Manasavi Infracon…; Manasavi Infracon…
- **Other parties:** Reeta G…; Sunil G…; +2 more
- **Advocates:** Natasha Dhruman…; Hussain…

## Timeline

- **2022-05-07 — Filing of Company…**: Company Petition filed on 07.05.2022 under Section 7 of the Insolvency and Bankruptcy…
- **2021-12-27 — Date of D…**: The CD failed to discharge its dues, with the…

## 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)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-indore/manasavi-infracon-private-limited-33d8ef9b