# Finquest Financial Solutions Private Limited vs. Velex Logistics Private Limited

> NCLT judgment dated 2026-07-28. Citation: TCN-2026-NCLT-00654. Finquest Financial Solutions Private Limited (Financial Creditor) filed an application under…

- **Court:** NCLT
- **Order date:** 28 Jul 2026
- **Citation:** TCN-2026-NCLT-00654
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-mumbai/finquest-financial-solutions-private-limited-vs-velex-logistics-private-limited-j8fom

## Summary

### Background

Finquest Financial Solutions Private Limited (Financial Creditor) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Velex Logistics Private Limited (Corporate Debtor). The application, filed on 03.02.2026, alleged a default of Rs.1,94,43,067/- on a loan disbursed on 26.06.2023, with the date of default being 26.06.2024. Ms. Dipti Narayan Mundra was proposed as the Interim Resolution Professional (IRP).

## Facts

C.P. (IB) No.99/MB/2026 (Application) was filed on 03.02.2026 by Finquest Financial Solutions Private Limited (Financial Creditor) against Velex Logistics Private Limited (Corporate Debtor).

The application was filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016.

The application sought to initiate Corporate Insolvency Resolution Process (CIRP) against Velex Logistics Private Limited.

The application was affirmed by Akash Tiwari, authorised signatory of the Applicant, vide Board Resolution passed on 14.11.2024.

The amount claimed to be in default is Rs.1,94,43,067/-.

The date of default is stated as 26.06.2024.

…

## Issues and analysis

### Issue 1: Whether the application for initiating Corporate Insolvency Resolution Process (CIRP) under Section …

**Ratio:** An application under Section 7 of the IBC is maintainable if the existence of a financial

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**Reasoning:** The Code prescribes that whenever a corporate debtor defaults on a debt that is due and

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**Interpretation:** Section 7 applications are designed for a summary inquiry into the existence of

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**Application:** The Financial Creditor successfully demonstrated the existence of a financial

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## Parties

- **Judges:** NILESH S…; SAMEER…
- **Appellants:** Finquest Financial…
- **Respondents:** Velex Logistics…
- **Other parties:** Yogesh H…; Dipti Narayan…
- **Advocates:** Rahul S…; Rihal…; +4 more

## Timeline

- **2023-03-31 — Board Reso…**: Board Resolution passed by Velex Logistics Private Limited, pursuant to which the Loan…
- **2023-06-19 — Sanction…**: Financial Creditor sanctioned an unsecured term loan of Rs.1.5 Crore to the Corporate…

## 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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