# JSW Dulux Limited vs. M/S Shree Gopal Auto Private Limited

> NCLT judgment dated 2026-09-22. Citation: TCN-2026-NCLT-01034. Akzo Nobel India Limited (later JSW Dulux Limited), as the Financial Creditor, filed an…

- **Court:** NCLT
- **Order date:** 22 Sept 2026
- **Citation:** TCN-2026-NCLT-01034
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-kolkata/akzo-nobel-india-limited-vs-ms-shree-gopal-auto-private-limited-vyw64

## Summary

### Background

Akzo Nobel India Limited (later JSW Dulux Limited), as the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/s Shree Gopal Auto Private Limited, the Corporate Debtor. The debt arose from Bodyshop Agreements dated 02.02.2023 and 23.01.2024, where the Financial Creditor provided financial assistance in exchange for the Corporate Debtor's commitment to exclusively procure paint products. The Corporate Debtor failed to meet its minimum purchase obligations and payment terms, leading to a cumulative shortfall of Rs. 1,36,01,607/- as of August 2025, and a total outstanding financial debt of Rs. 3,60,11,117/- as of 10.09.2025. Promissory notes and personal

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## Facts

Akzo Nobel India Limited (later JSW Dulux Limited) filed an application under Section 7 of the IBC, 2016, to initiate CIRP against M/s Shree Gopal Auto Private Limited.

The Corporate Debtor, M/s Shree Gopal Auto Private Limited, was incorporated on 01.02.2011.

The Applicant and Corporate Debtor entered into Bodyshop Agreements dated 02.02.2023 and 23.01.2024.

Under these agreements, the Corporate Debtor committed to exclusively procure paint products from the Applicant.

The Applicant extended financial assistance to the Corporate Debtor, disbursing Rs. 86,40,000/- on 27.02.2023 and Rs. 1,29,60,000/- on 10.02.2024.

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## Issues and analysis

### Issue 1: Whether the Applicant qualifies as a Financial Creditor under the Insolvency and Bankruptcy Code, …

**Ratio:** The Applicant provided financial assistance to the Corporate Debtor under Bodyshop

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**Reasoning:** The Bodyshop Agreements and promissory notes clearly established that the financial

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**Interpretation:** Financial assistance provided with a commercial effect of borrowing, even if

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**Application:** Based on the terms of the Bodyshop Agreements and the execution of promissory

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## Parties

- **Judges:** Labh S…; Rekha K…
- **Appellants:** Akzo Nobel India…; JSW Dulux L…
- **Respondents:** M/S SHREE GOPAL…
- **Other parties:** Rajeev…; Anish Ag…
- **Advocates:** Zeba…; S. Ma…

## Timeline

- **2011-02-01 — Incorporation of…**: M/s Shree Gopal Auto Private…
- **2023-02-02 — First Bodyshop…**: The first Bodyshop Agreement was entered into, and a Promissory Note for Rs. 80,00,000/-…

## 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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