# In the matter of SUYASH FINOVEST PVT LTD

> NCLT judgment dated 2026-01-13. Citation: TCN-2026-NCLT-00032. Rangan Projects Private Limited, claiming to be a Financial Creditor, filed an application…

- **Court:** NCLT
- **Order date:** 13 Jan 2026
- **Citation:** TCN-2026-NCLT-00032
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-kolkata/suyash-finovest-pvt-ltd-e8e40038

## Summary

### Background

Rangan Projects Private Limited, claiming to be a Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Suyash Finovest Private Limited, the Corporate Debtor, due to a default in repayment of a loan.

## Facts

Rangan Projects Private Limited claimed to be a Financial Creditor.

Suyash Finovest Private Limited is the Corporate Debtor.

A loan agreement was entered into between the Financial Creditor and the Corporate Debtor on February 13, 2023, for Rs. 1,00,00,000/- with 8% interest.

The Corporate Debtor failed to repay the loan amount and accrued interest by March 31, 2023.

The parties entered into an agreement on April 01, 2023, extending the tenure of the loan to March 31, 2024.

The Corporate Debtor issued account confirmations acknowledging its liability.

The Financial Creditor issued multiple notices requesting repayment.

The Corporate Debtor acknowledged the debt but cited financial crisis and sought further time.

The Corporate Debtor defaulted in repaying the loan with interest.

…

## Issues and analysis

### Issue 1: Whether the application under Section 7 of the …

**Ratio:** An application under Section 7 is acceptable if the debt is proven to be due and there is

…

**Reasoning:** The Tribunal found that the debt was due, the default exceeded Rs. 1 crore, and the

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**Interpretation:** Section 7 of the IBC allows a financial creditor to initiate CIRP upon the

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**Application:** The Tribunal applied Section 7 and found the application maintainable as the

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## Parties

- **Judges:** Labh S…; Rekha K…
- **Appellants:** Rangan Projects…
- **Respondents:** Suyash Finovest…
- **Other parties:** Kunal G…; Abhit Kumar…
- **Advocates:** Arundhati Barman…; Shreya Cho…; +2 more

## Timeline

- **2023-02-13 — Loan Agre…**: Loan Agreement dated February 13, 2023, between…
- **2023-03-31 — Default…**: Corporate Debtor failed to repay the loan…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60 — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

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