# In the matter of Geopreneur Corp. Private Limited C.P. No. 4542-IBC-MB-2019

> NCLT judgment dated 2022-05-05. Citation: TCN-2022-NCLT-04841. Assets Care & Reconstruction Enterprises Limited filed a company petition seeking to initiate…

- **Court:** NCLT
- **Order date:** 5 May 2022
- **Citation:** TCN-2022-NCLT-04841
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-mumbai/geopreneur-corp-private-limited-cp-no-4542-ibc-mb-2019-83ee69b8

## Summary

### Background

Assets Care & Reconstruction Enterprises Limited filed a company petition seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Geopreneur Corp Private Ltd based on Section 7 of the Insolvency and Bankruptcy Code, 2016.

## Facts

Assets Care & Reconstruction Enterprises Limited filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016 to initiate CIRP against Geopreneur Corp Private Ltd.

The petition was originally filed by M/s Altico Capital India Ltd., who later assigned the debt to Assets Care & Reconstruction Enterprises Ltd.

The Corporate Debtor delayed the proceedings for over two years without filing a reply, leading to the forfeiture of their right to do so.

The Corporate Debtor raised objections regarding promissory estoppel, the authority of the Financial Creditor, and the validity of the assignment.

The Corporate Debtor submitted a compromise proposal on 05.08.2021 and made partial payments, but did not fully comply with the terms of the compromise.

…

## Issues and analysis

### Issue 1: Whether the Corporate Debtor's defenses against the petition are valid, considering their admission …

**Ratio:** The Corporate Debtor is estopped from raising defenses after admitting the debt and

…

**Reasoning:** The Corporate Debtor's conduct demonstrates a lack of valid defenses and an attempt to

…

**Interpretation:** The admission of debt and default outweighs the defenses raised by the

…

**Application:** The NCLT rejected the Corporate Debtor's defenses based on their admission of

…

## Parties

- **Judges:** H.V. Subb…; Chandra Bha…
- **Appellants:** Assets Care &…
- **Respondents:** Geopreneur Corp…; Geopreneur Corp…
- **Other parties:** Altico Capital…; Ajit Gyanchand…
- **Advocates:** Pulkit S…; Sagar W…

## Timeline

- **2021-08-05 — Compromise P…**: Corporate Debtor submitted a compromise…
- **2021-12-10 — Investor…**: An investor addressed a letter indicating…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 14 — Moratorium](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-14)

---

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-mumbai/geopreneur-corp-private-limited-cp-no-4542-ibc-mb-2019-83ee69b8