# Gagan Bothra vs. Maagrita Exports Ltd.

> NCLT judgment dated 29 Jan 2026. Citation: TCN-2026-NCLT-00117. M. Gagan Bothra, a financial creditor, filed a petition under Section 7 of the IBC, 2016,…

- **Court:** NCLT
- **Order date:** 29 Jan 2026
- **Citation:** TCN-2026-NCLT-00117
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-kolkata/gagan-bothra-vs-maagrita-exports-ltd-hb4ko

## Summary

### Background

M. Gagan Bothra, a financial creditor, filed a petition under Section 7 of the IBC, 2016, against Maagrita Exports Limited (Corporate Debtor) to initiate the Corporate Insolvency Resolution Process (CIRP). The petitioner claimed to have lent Rs. 4 Crores to the Corporate Debtor across six tranches between April 2022 and February 2023, which was allegedly acknowledged by the Corporate Debtor through various letters. A cheque for Rs. 3.75 Crores issued by the Corporate Debtor for part payment was dishonoured on August 6, 2024, leading to a total outstanding debt of Rs. 5,53,57,808.22. The petitioner presented NeSL reports, income tax returns, and books of accounts as evidence of the debt and default. Criminal proceedings under Section 138 of the NI Act were also

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## Facts

M. Gagan Bothra, a financial creditor, filed a petition under Section 7 of the IBC, 2016, to initiate CIRP against Maagrita Exports Limited (Corporate Debtor).

The petition was filed on 16.09.2024.

The Corporate Debtor, Maagrita Exports Limited, was incorporated on 20.04.2004 (CIN: U51229TN2004PLC053001).

Gagan Bothra allegedly lent a total sum of Rs. 4,00,00,000/- (Four Crores) to the Corporate Debtor in six tranches between 11.04.2022 and 05.02.2023, with a promise of repayment within 15 months.

The Corporate Debtor issued a cheque dated 03.08.2024 for Rs. 3,75,00,000/- towards part liability, which was dishonoured on 06.08.2024 with the remark "Payment Stopped by the Drawer."

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## Issues and analysis

### Issue 1: Whether Corporate Debtor availed …

**Ratio:** The Adjudicating Authority (NCLT) must be satisfied that a 'default' has occurred for a

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**Reasoning:** The Petitioner provided letters of acknowledgement on the Corporate Debtor's letterhead,

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**Interpretation:** The NCLT interpreted the onus of proof regarding fraud and non-receipt of debt.

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**Application:** Despite the Corporate Debtor's strong denials and fraud allegations, they did

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## Parties

- **Judges:** SANJIV…; Venkataraman…
- **Appellants:** Gagan B…
- **Respondents:** Maagrita Exports…
- **Other parties:** Corporate…; Financial…; +13 more
- **Advocates:** Shri. Ved…; Abhijith Christoph…

## Timeline

- **2004-04-20 — Incorporation of…**: Maagrita Exports Limited…
- **2022-04-11 — First Loan…**: Corporate Debtor borrowed Rs. 25 lakhs from the financial creditor, acknowledged by…

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