# Invent Assets Securitisation And Reconstruction Private Limited vs. C M Smith and Sons Limited

> NCLT judgment dated 16 Oct 2025. Citation: TCN-2025-NCLT-01492. This application was filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 by the…

- **Court:** NCLT
- **Order date:** 16 Oct 2025
- **Citation:** TCN-2025-NCLT-01492
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-kolkata/invent-assets-securitisation-and-reconstruction-private-limited-vs-c-m-smith-and-0954e539

## Summary

### Background

This application was filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 by the Financial Creditor/Petitioner for initiating Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor, M/s. C M Smith and Sons Limited. The total amount in default was Rs. 97,54,43,527.49 as of 31.03.2024, with the date of default being 10.01.2019.

## Facts

The application was filed under Section 7 of the Insolvency and Bankruptcy Code, 2016.

The Financial Creditor/Petitioner initiated Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor.

The Corporate Debtor is M/s. C M Smith and Sons Limited.

The total amount in default is Rs. 97,54,43,527.49 as of 31.03.2024.

The date of default is 10.01.2019.

The Petitioner/Financial Creditor is a financial institution.

The application was affirmed by Ms. Priti Lothey, Authorized Representative of Financial Creditor.

The Applicant/Financial Creditor nominated Mr. Janak Jagjivan Shah as Interim Resolution Professional (IRP).

The Financial Creditor granted various credit facilities to the Corporate Debtor.

…

## Issues and analysis

### Issue 1: Maintainability of the Application …

**Ratio:** Section 7 of the IBC, 2016 allows a financial creditor to initiate CIRP against a

…

**Reasoning:** The Adjudicating Authority must be satisfied that a default has occurred and that the

…

**Interpretation:** The section should be interpreted to facilitate timely resolution of insolvency

…

**Application:** The application is maintainable as the financial creditor has demonstrated a

…

## Parties

- **Judges:** Chitra Ha…; Velamur G Venkata…
- **Appellants:** Invent Assets…
- **Respondents:** C M Smith and…
- **Other parties:** Insolvency and…; Corporate…; +3 more

## Timeline

- **2019-01-10 — Date of D…**: The Corporate Debtor…
- **2024-03-31 — Amount in D…**: Total amount in default was Rs.…

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-kolkata/invent-assets-securitisation-and-reconstruction-private-limited-vs-c-m-smith-and-0954e539