# In the matter of Corroganon India Private Limited CP(IB) No. 1787-KB-2019

> NCLT judgment dated 2022-04-25. Citation: TCN-2022-NCLT-04912. Subir Sengupta, the Financial Creditor, filed a petition under Section 7(1) of the Insolvency…

- **Court:** NCLT
- **Order date:** 25 Apr 2022
- **Citation:** TCN-2022-NCLT-04912
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-kolkata/corroganon-india-private-limited-cpib-no-1787-kb-2019-9ccee7d8

## Summary

### Background

Subir Sengupta, the Financial Creditor, filed a petition under Section 7(1) of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Corroganon India Private Limited, the Corporate Debtor.

## Facts

The Financial Creditor, Subir Sengupta, filed a petition under Section 7(1) of the Insolvency and Bankruptcy Code, 2016, to initiate CIRP against Corroganon India Private Limited.

The Corporate Debtor, Corroganon India Private Limited, allegedly defaulted on repaying a loan advanced by the Financial Creditor.

The Financial Creditor claimed to have advanced a loan of ₹25,51,025/- to the Corporate Debtor between 2015 and 2016.

The Corporate Debtor argued that the petition lacked the mandatory requirement of proposing the name of the Interim Resolution Professional.

The Corporate Debtor contended that there was no enforceable loan agreement or contract to demonstrate the advancement of the loan.

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## Issues and analysis

### Issue 1: Whether the absence of a written contract is …

**Ratio:** The NCLT relied on the stance taken by the NCLAT in Narendra Kumar Agarwal and ors v

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**Reasoning:** The NCLT considered the arguments from

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**Interpretation:** While a written contract is not mandatory, the Adjudicating Authority must be

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**Application:** In this case, the NCLT found that there was not enough evidence to satisfy the

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## Parties

- **Judges:** Rajasekha…; Balraj…
- **Appellants:** Subir Sen…
- **Respondents:** Corroganon India…
- **Advocates:** Rishad M…; Soumava Muk…; +2 more

## Timeline

- **2015-07-01 — Loan Req…**: The Corporate Debtor, through Mr. Ayandeep Dutta, approached the Financial Creditor for…
- **2015-10-02 — Board Reso…**: A Board Resolution was drawn…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7(1) — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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