# Jayashree Manilal Lapasia vs. Shah Laxmichand Versi Masalawala LLP

> NCLT judgment dated 2026-07-22. Citation: TCN-2026-NCLT-00634. Ms. Jayshree Manilal Lapasia (Financial Creditor) filed a Section 7 IBC application against…

- **Court:** NCLT
- **Order date:** 22 Jul 2026
- **Citation:** TCN-2026-NCLT-00634
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-mumbai/jayashree-manilal-lapasia-vs-shah-laxmichand-versi-masalawala-llp-80gf2

## Summary

### Background

Ms. Jayshree Manilal Lapasia (Financial Creditor) filed a Section 7 IBC application against Shah Laxmichand Versi Masalawala LLP (Corporate Debtor) for defaulting on a Rs. 2 crore loan, disbursed on July 7, 2016, with 1.25% monthly interest. The original repayment date was July 5, 2021, later extended to July 5, 2023, via a Supplementary Loan Agreement due to COVID-19. Despite a security cheque and recall notice, the Corporate Debtor failed to repay, resulting in a total default of Rs. 3,66,33,335/- as of March 31, 2025, with the default date being July 5, 2023.

## Facts

Ms. Jayshree Manilal Lapasia (Financial Creditor) filed an application under Section 7 of the IBC, 2016, against Shah Laxmichand Versi Masalawala LLP (Corporate Debtor).

The Financial Creditor was formerly known as Ms. Jayshree Sanjay Vora and her name change is evidenced by a Gazette Notification.

The Corporate Debtor, Shah Laxmichand Versi Masalawala LLP, was initially a partnership firm (N.H. Foods) and converted into an LLP.

A loan agreement was executed on July 5, 2016, for Rs. 2,00,00,000/- (Two Crore Only) at an interest rate of 1.25% per month.

The loan amount was disbursed to the Corporate Debtor on July 7, 2016.

The original repayment date for the loan was on or before July 5, 2021.

…

## Issues and analysis

### Issue 1: Whether the present Petition is not maintainable either in law or on facts and is liable to be …

**Ratio:** The Adjudicating Authority's role under Section 7 of IBC is limited to ascertaining the

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**Reasoning:** The Financial Creditor successfully demonstrated the existence of a financial debt (money

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**Interpretation:** Section 7 of IBC mandates admission if debt and default are established,

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**Application:** The Financial Creditor provided loan agreements, bank statements, recall

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## Parties

- **Judges:** NILESH S…; SAMEER…
- **Appellants:** Ms Jayshree…
- **Respondents:** Shah Laxmichand…
- **Other parties:** Committee of…; Dakshesh Pravincha…
- **Advocates:** Samant S…; Smit…; +2 more

## Timeline

- **2016-07-05 — Loan Agre…**: Loan Agreement for Rs.…
- **2016-07-07 — Loan Disbur…**: Loan amount of Rs. 2,00,00,000/-…

## 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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