# In the matter of CAPIQAL CONSULTANCY SERVICES PRIVATE LIMITED

> NCLT judgment dated 2025-07-23. Citation: TCN-2025-NCLT-01129. BMM Ispat Limited filed an application under Section 7 of the Insolvency and Bankruptcy Code,…

- **Court:** NCLT
- **Order date:** 23 Jul 2025
- **Citation:** TCN-2025-NCLT-01129
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-mumbai/capiqal-consultancy-services-private-limited-3ba31d9a

## Summary

### Background

BMM Ispat Limited filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Capiqal Consultancy Services Private Limited, the Corporate Debtor, due to a default on an Inter Corporate Deposit (ICD) agreement.

## Facts

BMM Ispat Limited (Financial Creditor) filed an application under Section 7 of the IBC to initiate CIRP against Capiqal Consultancy Services Private Limited (Corporate Debtor).

The application was filed on 30.10.2024.

The Financial Creditor disbursed Rs. 20,00,00,000/- to the Corporate Debtor under an Inter Corporate Deposit (ICD) Agreement dated 29.01.2021.

The Corporate Debtor defaulted on the repayment of the ICD.

The total amount claimed to be in default is Rs. 16,91,72,520/- as on 27.09.2024.

The Corporate Debtor argued that the application was barred under Section 10A of the IBC.

The Financial Creditor contended that the date of default was 31.10.2021, which is outside the period specified under Section 10A of the IBC.

…

## Issues and analysis

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

**Ratio:** Section 10A of the IBC prohibits the initiation of CIRP for defaults occurring during a

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**Reasoning:** The Corporate Debtor argued that the date of default was 15.03.2021, which falls within

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**Interpretation:** The tribunal interpreted the evidence to determine the actual date of default,

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**Application:** The tribunal found that the date of default was 31.10.2021, which is outside

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## Parties

- **Judges:** SAMEER…; NILESH S…
- **Appellants:** BMM Ispat L…
- **Respondents:** Capiqal Consultanc…
- **Other parties:** Archana Mah…; Gonugunta…
- **Advocates:** Gaurav…; Prapti…; +2 more

## Timeline

- **2024-10-30 — Application…**: BMM Ispat Limited filed C.P. (IB)…
- **2021-01-29 — ICD Agre…**: Inter Corporate Deposit Agreement executed between BMM Ispat Limited and Capiqal…

## 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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