# Invent Assets vs. GRJ Distributors

> NCLT judgment dated 29 Sept 2025. Citation: TCN-2025-NCLT-01471. The present petition has been preferred under Section 7 (1) and (2) of the IBC, 2016…

- **Court:** NCLT
- **Order date:** 29 Sept 2025
- **Citation:** TCN-2025-NCLT-01471
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-kolkata/invent-assets-vs-grj-distributors-94180e99

## Summary

### Background

The present petition has been preferred under Section 7 (1) and (2) of the IBC, 2016 initiating the CIRP qua the Corporate Debtor viz. GRJ Distributions and Developers Pvt. Ltd. The petition has been preferred qua Avalon Royal Park.

## Facts

The petition is filed under Section 7 of IBC, 2016.

The Corporate Debtor is GRJ Distributions and Developers Pvt. Ltd.

The petition is preferred qua Avalon Royal Park project.

CP IB-477/ND/2021 has already been admitted qua GRJ Distributions Pvt. Ltd. for Avalon Rosewood Project.

The Corporate Debtor was incorporated on 23.11.1998.

The Corporate Debtor availed a loan facility from ECL Finance Limited.

A Facility Agreement dated 19.01.2018 was executed between the Corporate Debtor and the Original Lender.

The aforementioned Credit Facility carried an interest rate of 16% per annum.

The rate of interest in respect of the aforementioned credit facility was revised from 16% p.a. to 17.25% p.a. w.e.f. 15.02.2019.

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## Issues and analysis

### Issue 1: Maintainability of application …

**Ratio:** As per the provisions of Section 7 (3) of IBC, 2016, an applications preferred under

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**Reasoning:** The Adjudicating Authority needs to be satisfied that a default has occurred, the

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**Interpretation:** The interpretation of Section 7 of IBC, 2016 allows for the initiation of CIRP

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**Application:** The Adjudicating Authority is satisfied that a default has occurred and the

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## Parties

- **Judges:** Sh. Ashok Kumar…; RAVINDRA CHATURVED…
- **Appellants:** Invent Assets…
- **Respondents:** GRJ Distributions…; GRJ DISTRIBUTORS…
- **Other parties:** Insolvency and…; Corporate…; +3 more
- **Advocates:** Aditya Va…; Anmol B…; +2 more

## Timeline

- **2018-01-19 — Facility Agreement…**: Facility Agreement dated 19.01.2018 was executed between the Corporate Debtor and the…
- **2019-02-15 — Interest Rate…**: The rate of interest in respect of the credit facility was revised from 16% p.a. to…

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