# In the matter of Grenesiis Constro Pvt. Ltd.

> NCLT judgment dated 2025-07-08. Citation: TCN-2025-NCLT-00817. Ritwik Finance Enterprises Private Limited filed a petition under Section 7 of the Insolvency…

- **Court:** NCLT
- **Order date:** 8 Jul 2025
- **Citation:** TCN-2025-NCLT-00817
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-mumbai/grenesiis-constro-pvt-ltd-83bc14c5

## Summary

### Background

Ritwik Finance Enterprises Private Limited filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) to initiate Corporate Insolvency Resolution Process (CIRP) against Grenesiis Constro Pvt. Ltd.

## Facts

Ritwik Finance Enterprises Private Limited, a non-banking financial company, filed a petition under Section 7 of the IBC to initiate CIRP against Grenesiis Constro Pvt. Ltd.

The total amount of default claimed was Rs. 1,16,56,467 as of 30.09.2023, with the date of default stated as 01.04.2022.

In 2020, Grenesiis Constro Pvt. Ltd., along with Mrs. Nisha Pramod Korgaonkar and Mr. Arinjay Pramod Korgaonkar, approached Ritwik Finance Enterprises Private Limited for business loan facilities.

Ritwik Finance Enterprises Private Limited provided loan facilities aggregating to INR 60,00,000 vide sanction letter dated 03.10.2020.

Grenesiis Constro Pvt. Ltd. mortgaged properties in favor of Ritwik Finance Enterprises Private Limited to secure the loan facility.

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## Issues and analysis

### Issue 1: Whether the debt claimed by Ritwik Finance Enterprises Private Limited is a genuine debt or a …

**Ratio:** The NCLT found that the transactions between the Applicant and the Corporate Debtor, as

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**Reasoning:** The NCLT perused the ledgers of M/s Grenesiis Land and Leisure Private Limited and found

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**Interpretation:** The NCLT interpreted the transactions as independent and not circular, based on

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**Application:** The NCLT applied the principle that the repayments with respect to both

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## Parties

- **Judges:** V. G. Bisht…; SH. PRABHAT…
- **Appellants:** Ritwik Finance…
- **Respondents:** Grenesiis Constro…
- **Other parties:** Arinjay Kor…; Sunit Ka…; +2 more
- **Advocates:** Shyam Ka…; Akansha…; +4 more

## Timeline

- **2020-10-03 — Sanction…**: Ritwik Finance Enterprises Private Limited issued a sanction letter for loan facilities…
- **2023-09-30 — Demand N…**: Ritwik Finance Enterprises Private Limited issued a demand notice to Grenesiis Constro…

## 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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