# Janata Sahakari Bank Limited, Pune vs. M/s Quickspace Technologies F1 Works Private Limited

> NCLT judgment dated 2026-08-19. Citation: TCN-2026-NCLT-00845. Janata Sahakari Bank Limited, Pune (Financial Creditor) filed an application under Section 7 of…

- **Court:** NCLT
- **Order date:** 19 Aug 2026
- **Citation:** TCN-2026-NCLT-00845
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-mumbai/janata-sahakari-bank-limited-pune-vs-ms-quickspace-technologies-f1-works-private-afkdf

## Summary

### Background

Janata Sahakari Bank Limited, Pune (Financial Creditor) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) against M/s Quickspace Technologies F1 Works Private Limited (Corporate Debtor) for initiating Corporate Insolvency Resolution Process (CIRP). The application, filed on 17.11.2025, claimed a default amount of Rs. 11,83,52,991.56. The date of default was stated as 02.07.2024, and the account was classified as Non-Performing Asset (NPA) on 01.10.2024. The Corporate Debtor had availed credit facilities totaling INR 51 Crores through consortium lending, with the applicant sanctioning INR 25 Crores.

## Facts

C.P.(IB) No.1238/MB/2025 (Application) was filed on 17.11.2025 by Janata Sahakari Bank Limited, Pune (Financial Creditor) under Section 7 of the IBC.

The application was filed for initiating Corporate Insolvency Resolution Process (CIRP) against M/s Quickspace Technologies F1 Works Private Limited (Corporate Debtor).

The amount claimed to be in default is Rs. 11,83,52,991.56.

The date of default is stated as 02.07.2024, and the date of NPA is stated as 01.10.2024.

MVK IPE LLP was proposed as the Interim Resolution Professional (IRP).

The Corporate Debtor is engaged in the business of design, manufacturing, site integration, erection & commissioning of modular construction and precast concrete.

…

## Issues and analysis

### Issue 1: Whether there is a financial debt due and payable by …

**Ratio:** A financial debt is established when money is disbursed against the consideration for

…

**Reasoning:** The Corporate Debtor availed credit facilities totaling INR 51 Crores, including a

…

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

…

**Application:** The documents presented clearly demonstrate that a financial debt of Rs.

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## Parties

- **Judges:** NILESH S…; SAMEER…
- **Appellants:** Janata Sahakari…
- **Respondents:** M/s Quickspace…
- **Other parties:** Sandesh…; Sachin…; +2 more
- **Advocates:** Prashant…; Gaurav Dev…; +1 more

## Timeline

- **2023-05-29 — Agreements E…**: Facility Agreement, Inter-se Agreement, and Joint Deed of Hypothecation executed between…
- **2023-06-01 — Credit Facilities…**: Cash Credit/Overdraft Agreement, Demand Promissory Note, and Hypothecation Agreement…

## 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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