# Krishkan Investment Private Limited vs. M/S Jumbo Finvest (India) Limited

> NCLT judgment dated 2026-07-22. Citation: TCN-2026-NCLT-00657. Krishkan Investment Private Limited (Financial Creditor/Petitioner) filed a petition under…

- **Court:** NCLT
- **Order date:** 22 Jul 2026
- **Citation:** TCN-2026-NCLT-00657
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-jaipur/krishkan-investment-private-limited-vs-ms-jumbo-finvest-1acpg

## Summary

### Background

Krishkan Investment Private Limited (Financial Creditor/Petitioner) filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against M/S Jumbo Finvest (India) Limited (Corporate Debtor/Respondent) for initiating Corporate Insolvency Resolution Process (CIRP). The petition claims a default of Rs. 31,94,00,000/- as of 15.11.2025, including interest and penal charges. The financial debt originated from Indian Overseas Bank (Erstwhile Lender) and was subsequently assigned to Krishkan Investment Private Limited via an Assignment Agreement dated 25.08.2025. The Corporate Debtor's account was classified as a Non-Performing Asset (NPA) on 31.03.2022.

## Facts

Krishkan Investment Private Limited (Petitioner/Financial Creditor) filed a petition under Section 7 of the IBC, 2016, against M/S Jumbo Finvest (India) Limited (Corporate Debtor/Respondent).

The petition seeks initiation of Corporate Insolvency Resolution Process (CIRP) due to a default in payment of Rs. 31,94,00,000/- (including interest and penal charges up to 15.11.2025) with future interest at 15.95% p.a. from 16.11.2025.

The Financial Creditor is a Private Limited Company incorporated on 05.06.1989, registered with Registrar of Companies, Kolkata, and represented by Mr. Arvind Vitekar.

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## Issues and analysis

### Issue 1: Whether the disclosure of debt in the Corporate Debtor's annual report dated 31.03.2024 constitutes …

**Ratio:** Entries in audited balance sheets and financial statements acknowledging debt amount to

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**Reasoning:** Such acknowledgments not only evidence the subsistence of debt but also extend the period

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**Interpretation:** The definitions of 'debt' and 'financial debt' under the IBC are broad, and

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**Application:** The Corporate Debtor's annual report dated 31.03.2024, which records the

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## Parties

- **Judges:** Reeta K…; Kavita Bha…
- **Appellants:** Krishkan Investmen…
- **Respondents:** M/S Jumbo Finvest…; Jumbo Samriddhi…
- **Other parties:** Indian Overseas…; Shailesh…
- **Advocates:** Shashvat A…; Devesh…; +2 more

## Timeline

- **2003-07-17 — Original CC Limit…**: Indian Overseas Bank (Erstwhile Lender) sanctioned a Cash Credit (CC) Limit of Rs.…
- **2004-09-23 — First CC Limit…**: The CC Limit was enhanced from Rs.…

## 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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