# In the matter of A. Gangwal Real Estate LLP

> NCLT judgment dated 2025-08-22. Citation: TCN-2025-NCLT-01293. The instant petition was filed by Vinay Tambi, Proprietor of Amarnath Enterprises (Financial…

- **Court:** NCLT
- **Order date:** 22 Aug 2025
- **Citation:** TCN-2025-NCLT-01293
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-jaipur/a-gangwal-real-estate-llp-4ed4c681

## Summary

### Background

The instant petition was filed by Vinay Tambi, Proprietor of Amarnath Enterprises (Financial Creditor/Petitioner) against A. Gangwal Real Estate LLP (Corporate Debtor/Respondent) under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) for alleged default of financial debt amounting to Rs. 14,45,52,606/-.

## Facts

Vinay Tambi, Proprietor of Amarnath Enterprises, filed a petition against A. Gangwal Real Estate LLP under Section 7 of the IBC.

The alleged default amount is Rs. 14,45,52,606/-.

A. Gangwal Real Estate LLP is a Limited Liability Partnership formed on 05.08.2014.

Vinay Tambi was admitted as a designated partner in A. Gangwal Real Estate LLP on 01.01.2015 and retired on 25.10.2016.

The LLP agreement dated 25.10.2016 stipulated that the outstanding dues of retiring partners, along with unsecured loans of their sister entities, were to be repaid by monthly installments of Rs. 1,50,00,000/- with interest.

The Corporate Debtor acknowledged the loan in its balance sheet dated 25.10.2016 under the head 'Long-Term Borrowings'.

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## Issues and analysis

### Issue 1: Whether the petition falls within the ambit of Section 7 of the Insolvency and Bankruptcy Code, …

**Ratio:** The petition falls within the ambit of Section 7 if there exists a 'financial debt' and a

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**Reasoning:** The Adjudicating Authority examined the LLP agreement, balance sheet, and submissions of

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**Interpretation:** Section 7 of the IBC allows a financial creditor to initiate CIRP against a

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**Application:** The Adjudicating Authority found that a financial debt existed and that the

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## Parties

- **Judges:** Reeta K…; Kavita Bha…
- **Appellants:** Vinay Tambi…
- **Respondents:** A. Gangwal Real…
- **Other parties:** Asheesh S…
- **Advocates:** Shivangshu…; Akanksha…; +2 more

## Timeline

- **2025-08-22 — Order Pronou…**: Order was pronounced on…
- **2014-10-29 — Loan Disbursement Start…**: Loans were advanced to the Respondent LLP in…

## 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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