# In the matter of KISHOR KALYANJI CORP LLP

> NCLT judgment dated 2026-02-13. Citation: TCN-2026-NCLT-00168. Oorjatrans Atlantic DMCC, a financial creditor, filed an application under Section 7 of the…

- **Court:** NCLT
- **Order date:** 13 Feb 2026
- **Citation:** TCN-2026-NCLT-00168
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-mumbai/kishor-kalyanji-corp-llp-23f3e3fb

## Summary

### Background

Oorjatrans Atlantic DMCC, a financial creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) to initiate Corporate Insolvency Resolution Process (CIRP) against Kishore Kalayanji Corp LLP, the corporate debtor, due to unpaid dues.

## Facts

Oorjatrans Atlantic DMCC filed C.P. (IB) No.605/MB/2025 on 09.06.2025 under Section 7 of IBC.

Oorjatrans Atlantic DMCC is a financial creditor.

Kishore Kalayanji Corp LLP is the corporate debtor with LLPIN-: AAY-5433.

The amount claimed to be in default is USD 268,834.26 as of April 16, 2025.

The date of default is 11.03.2024.

The applicant proposed Mrs. Vandana Garg as the Interim Resolution Professional (IRP).

Oorjatrans Singapore entered into a term sheet agreement (TSA) with GPM Agro LLP on March 31, 2023.

An addendum to the TSA was signed on October 1, 2023, raising the credit limit from USD 1,000,000 to USD 2,000,000.

The Corporate Debtor admitted to entering into a contract with the Financial Creditor and recorded advance payments in an email dated February 22, 2024.

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## Issues and analysis

### Issue 1: Whether the transaction between Oorjatrans Atlantic DMCC and Kishore Kalayanji Corp LLP constitutes …

**Ratio:** Section 5(8)(f) of the IBC defines 'financial debt' as a debt along with interest, if

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**Reasoning:** The NCLT analyzed the Term Sheet Agreement (TSA), addendums, and related documents,

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**Interpretation:** The NCLT interpreted the transaction as having the commercial effect of

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**Application:** The NCLT applied the definition of 'financial debt' under Section 5(8)(f) of

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## Parties

- **Judges:** SAMEER…; NILESH S…
- **Appellants:** OORJATRANS…
- **Respondents:** KISHORE KALAYANJI…
- **Other parties:** Vandana…
- **Advocates:** Shyam Ka…; Manaswi A…; +3 more

## Timeline

- **2023-03-31 — Term Sheet Agreement…**: Oorjatrans Singapore entered into a term…
- **2023-10-01 — Addendum…**: An addendum to the TSA was signed, raising the credit limit from USD 1,000,000 to USD…

## 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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