# In the matter of DHANLAXMI ELECTRICALS PRIVATE LIMITED

> NCLT judgment dated 2025-08-26. Citation: TCN-2025-NCLT-01242. HDFC Bank Limited, the Financial Creditor (FC), filed an application under Section 7 of the…

- **Court:** NCLT
- **Order date:** 26 Aug 2025
- **Citation:** TCN-2025-NCLT-01242
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-mumbai/dhanlaxmi-electricals-private-limited-a50e2d43

## Summary

### Background

HDFC Bank Limited, the Financial Creditor (FC), filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC/Code) for initiation of Corporate Insolvency Resolution Process (CIRP) in respect of Dhanlaxmi Electricals Private Limited, the Corporate Debtor (CD), for an alleged default of Rs.9,60,86,480.83/-.

## Facts

HDFC Bank Limited filed an application under Section 7 of the IBC to initiate CIRP against Dhanlaxmi Electricals Private Limited.

The alleged default amount is Rs.9,60,86,480.83/-.

The Corporate Debtor (CD) availed vehicle loan facilities under various loan accounts and categories.

The Loan Agreements were dated 06.03.2021; 24.03.2021; 25.10.2021; and 04.12.2021.

The Financial Creditor (FC) recalled all the sanctioned facilities vide recall notice dated 11.06.2024.

The accounts of the Corporate Debtor (CD) were declared as Non-Performing Assets (NPA) on 03.01.2023.

The Corporate Debtor (CD) contended that the application was defective and filled with inconsistencies.

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## Issues and analysis

### Issue 1: Whether the application under …

**Ratio:** The application is maintainable if there is a

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**Reasoning:** The Adjudicating Authority found that there was a debt and default by the Corporate

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

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**Application:** The Adjudicating Authority admitted the application as the Corporate Debtor

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## Parties

- **Judges:** ANIL RAJ C…; K. R. SAJI…
- **Appellants:** HDFC Bank L…
- **Respondents:** Dhanlaxmi…
- **Other parties:** Rule 11 of the…; Dhaval Jitendrakum…
- **Advocates:** Rohan Ag…; Prashant Ph…; +3 more

## Timeline

- **2021-03-06 — Loan Agre…**: Loan Agreement dated…
- **2021-03-24 — Loan Agre…**: Loan Agreement dated…

## 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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