# RAJESHWARI IRON & STEEL CO. PRIVATE LIMITED vs. SHREE RADHA KRISHNA VINIMAY PRIVATE LIMITED

> NCLT judgment dated 2026-07-09. Citation: TCN-2026-NCLT-00775. Rajeshwari Iron & Steel Co. Private Limited (Financial Creditor) filed a petition under Section…

- **Court:** NCLT
- **Order date:** 9 Jul 2026
- **Citation:** TCN-2026-NCLT-00775
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-kolkata/rajeshwari-iron-steel-co-private-limited-vs-shree-radha-krishna-vinimay-private-ce5pz

## Summary

### Background

Rajeshwari Iron & Steel Co. Private Limited (Financial Creditor) filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Shree Radha Krishna Vinimay Private Limited (Corporate Debtor) for initiating Corporate Insolvency Resolution Process (CIRP). The Financial Creditor had disbursed an aggregate sum of ₹83,00,000/- to the Corporate Debtor between May 2016 and March 2017, formalized by a Loan Agreement dated 31.03.2017, with an agreed repayment date of 31.03.2023 and 8% annual interest. The Corporate Debtor failed to repay the outstanding dues upon maturity. A demand notice was issued on 11.05.2023, and the Corporate Debtor acknowledged its liability on 15.06.2023. The total outstanding amount claimed was ₹1,54,09,111/-, including

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## Facts

Rajeshwari Iron & Steel Co. Private Limited (Financial Creditor) filed a petition under Section 7 of the IBC against Shree Radha Krishna Vinimay Private Limited (Corporate Debtor).

The Financial Creditor disbursed ₹83,00,000/- to the Corporate Debtor between May 2016 and March 2017.

A Loan Agreement dated 31.03.2017 formalized the transaction, stipulating 8% interest per annum and repayment by 31.03.2023.

The Corporate Debtor failed to repay the outstanding dues by the agreed maturity date of 31.03.2023.

The Financial Creditor issued a demand notice on 11.05.2023 for the outstanding amount.

The Corporate Debtor, in a letter dated 15.06.2023, acknowledged its liability for the outstanding dues.

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## Issues and analysis

### Issue 1: Whether the present application constitutes a "financial debt" and "default" …

**Ratio:** The NCLT found that the disbursements made by the Financial Creditor to the Corporate

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**Reasoning:** The Financial Creditor provided bank statements, ledger accounts, and a Loan Agreement

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**Interpretation:** A "financial debt" involves a disbursement against the consideration

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**Application:** The NCLT applied Section 7 of the IBC, which allows a financial creditor to

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## Parties

- **Judges:** Labh S…; Rekha Kantilal…
- **Appellants:** RAJESHWARI IRON &…
- **Respondents:** SHREE RADHA…
- **Other parties:** Committee of…; Umesh K…
- **Advocates:** Riyanshu A…; Pankaj…; +1 more

## Timeline

- **2016-05 — Initial Disbursement…**: Financial Creditor began disbursing…
- **2017-03 — Initial Disbursement…**: Financial Creditor completed disbursing an aggregate sum of ₹83,00,000/- to Corporate…

## 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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