# M/S STEMZTECH INDUSTRIES PRIVATE LIMITED vs. M/S OSCORP INDUSTRIES PRIVATE LIMITED

> NCLT judgment dated 2026-08-10. Citation: TCN-2026-NCLT-00816. M/s Stemztech Industries Private Limited (Financial Creditor/Applicant) filed a company…

- **Court:** NCLT
- **Order date:** 10 Aug 2026
- **Citation:** TCN-2026-NCLT-00816
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-kolkata/ms-stemztech-industries-private-limited-vs-ms-oscorp-industries-private-limited-7gz3u

## Summary

### Background

M/s Stemztech Industries Private Limited (Financial Creditor/Applicant) filed a company petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/s Oscorp Industries Private Limited (Corporate Debtor/Respondent). The Applicant claimed to have provided financial assistance and loans to the Respondent for railway tenders, which the Respondent subsequently defaulted on. The Respondent contended that the transaction was a joint venture with profit and loss sharing, not a financial debt, and that the loan agreements were merely for book-keeping purposes.

## Facts

M/s Stemztech Industries Private Limited (Applicant/Financial Creditor) filed a company petition under Section 7 of the IBC, 2016, against M/s Oscorp Industries Private Limited (Respondent/Corporate Debtor).

The Applicant is a company incorporated under the Companies Act, 2013, with its registered office in Gurgaon, Haryana.

Ms. Priyanka Hait, duly authorized, preferred the petition on behalf of the applicant, with an Authorisation Affidavit dated 11.03.2025.

The Respondent was incorporated on 17.03.2023, with its registered office in Howrah, West Bengal.

The Applicant and Respondent entered into a Memorandum of Understanding (MoU) dated 20.12.2022, whereby the applicant agreed to provide financial assistance to the respondent company.

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## Issues and analysis

### Issue 1: Whether the transaction entered between the parties in pursuance of MOU dated 20.12.2022 and loan …

**Ratio:** The NCLT held that the transaction, as evidenced by the specific loan agreements with

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**Reasoning:** The initial MoU outlined financial assistance and profit sharing, but the subsequent

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**Interpretation:** A transaction, even if initially part of a broader business arrangement like a

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**Application:** The NCLT applied Section 5(7) and 5(8) of the IBC, concluding that the explicit

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## Parties

- **Judges:** Shri. Labh…; Rekha Kantilal…
- **Appellants:** M/S STEMZTECH…
- **Respondents:** M/S OSCORP…
- **Other parties:** Raj Sing…
- **Advocates:** Kumarjit Ba…; Sanchari Chakrabor…; +7 more

## Timeline

- **2022-12-20 — MoU Sign…**: Memorandum of Understanding (MoU) entered into between the Applicant and Respondent for…
- **2023-01-30 — Addendum to Mo…**: An Addendum to the MoU was entered into, agreeing to additional terms for executing…

## 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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