# In the matter of APURVA OIL AND INDUSTRIES PRIVATE LIMITED

> NCLT judgment dated 2025-06-17. Citation: TCN-2025-NCLT-00888. The case involves an application filed by Kailash M. Kakrania and his wife, Manju Kailash…

- **Court:** NCLT
- **Order date:** 17 Jun 2025
- **Citation:** TCN-2025-NCLT-00888
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-mumbai/apurva-oil-and-industries-private-limited-15e2ee55

## Summary

### Background

The case involves an application filed by Kailash M. Kakrania and his wife, Manju Kailash Kakrania, under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Apurva Oil and Industries Private Limited. The application was initially rejected by the Tribunal due to the applicants not meeting the threshold prescribed under Section 4 of the Code.

## Facts

Kailash M. Kakrania and Manju Kailash Kakrania filed an application under Section 7 of the IBC against Apurva Oil and Industries Private Limited.

The initial application was rejected by the Tribunal due to the applicants not meeting the threshold under Section 4 of the IBC.

The NCLAT set aside the rejection order and remanded the case back to the NCLT.

The NCLAT found that there was a financial debt of Rs. 1,01,50,009/-.

The Tribunal admitted the application for initiating CIRP against Apurva Oil and Industries Private Limited.

A moratorium was declared under Section 14 of the IBC.

Charudutt Pandhrinath Marathe was appointed as the Interim Resolution Professional (IRP).

The Financial Creditor was ordered to deposit Rs. 5,00,000/- to meet the initial CIRP costs.

…

## Issues and analysis

### Issue 1: Whether the Adjudicating Authority erred in rejecting the application under Section 7 of the IBC …

**Ratio:** The NCLAT found that the Adjudicating Authority erred in allowing adjustment of Rs.

…

**Reasoning:** The NCLAT noted that there was no dispute regarding the financial debt of Rs.

…

**Interpretation:** The threshold under

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**Application:** The NCLAT set aside the order of rejection and remanded the case back to the

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## Parties

- **Judges:** ANIL RAJ C…; K. R. SAJI…
- **Appellants:** Kailash Motilal…; Manju Kailash…; +1 more
- **Respondents:** Apurva Oil and…
- **Other parties:** Kailash M.…; Charudutt…
- **Advocates:** Sandeep…; Pari…; +1 more

## Timeline

- **2021-09-04 — Application…**: C.P.No.986(MB)2021 was filed by Mr. Kailash Motilal Kakrania and his wife Mrs. Manju…
- **2023-07-14 — Application R…**: The Application was rejected by this Tribunal vide order dated 14.07.2023 primarily for…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 5(8) — Definitions](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-5)

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