# Assets Care & Reconstruction Enterprise Limited vs. Wizard E-Marketing Private Limited

> NCLT judgment dated 2026-10-07. Citation: TCN-2026-NCLT-01162. Assets Care & Reconstruction Enterprise Limited (Financial Creditor/Applicant) filed an…

- **Court:** NCLT
- **Order date:** 7 Oct 2026
- **Citation:** TCN-2026-NCLT-01162
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-kolkata/wizard-e-marketing-private-limited-cwrz4

## Summary

### Background

Assets Care & Reconstruction Enterprise Limited (Financial Creditor/Applicant) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Wizard E-Marketing Private Limited (Corporate Debtor/Respondent) for initiating Corporate Insolvency Resolution Process (CIRP). The application was based on a default in repayment of a financial debt amounting to Rs. 32,35,19,938.35/-, which originated from four loan agreements with Indiabulls Commercial Credit Limited and was subsequently assigned to the Financial Creditor.

## Facts

Assets Care & Reconstruction Enterprise Limited (FC) filed a Section 7 IBC application against Wizard E-Marketing Private Limited (CD).

The application seeks initiation of CIRP due to a default in repayment of a financial debt amounting to Rs. 32,35,19,938.35/-.

The debt comprises principal of Rs. 21,37,19,947/- and interest of Rs. 10,97,99,991.35/- calculated up to 02.01.2025.

Indiabulls Commercial Credit Limited (original lender) and the CD entered into four loan agreements dated 30.12.2016, 31.05.2018, 08.02.2021, and 29.09.2021.

An aggregate sum of Rs. 23,09,27,990/- was disbursed to the CD.

Loan Facility Nos. 2 and 3 were initially classified as NPA on 18.08.2021 and 09.08.2021 respectively.

…

## Issues and analysis

### Issue 1: Whether Assets Care & Reconstruction Enterprise Limited is a "financial creditor" …

**Ratio:** A person to whom a financial debt has been legally assigned or transferred is a

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**Reasoning:** The loans were assigned by Samman Finserve Ltd./Indiabulls Commercial Credit Ltd. to

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**Interpretation:** The legal assignment of a debt effectively transfers all rights and

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**Application:** Assets Care & Reconstruction Enterprise Limited, having received the legal

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## Parties

- **Judges:** BIDISHA BANERJEE,…; REKHA KANTILAL…
- **Appellants:** Assets Care &…
- **Respondents:** Wizard E-Marketing…
- **Other parties:** Committee of…; Indiabulls…; +3 more
- **Advocates:** Manju Bhu…; Avishek…; +11 more

## Timeline

- **2016-12-30 — Loan Agreemen…**: Indiabulls Commercial Credit Limited and the Corporate Debtor entered into Loan Agreement…
- **2018-05-31 — Loan Agreemen…**: Indiabulls Commercial Credit Limited and the Corporate Debtor entered into Loan Agreement…

## 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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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/wizard-e-marketing-private-limited-cwrz4