# In the matter of KRISHNA KANHAIYA MILK PROCESSING PRIVATE LIMITED

> NCLT judgment dated 2025-12-05. Citation: TCN-2025-NCLT-01781. Opus Software Solutions Private Limited filed an application under Section 7 of the Insolvency…

- **Court:** NCLT
- **Order date:** 5 Dec 2025
- **Citation:** TCN-2025-NCLT-01781
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-mumbai/krishna-kanhaiya-milk-processing-private-limited-f71fe480

## Summary

### Background

Opus Software Solutions Private Limited filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Krishna Kanhaiya Milk Processing Private Limited, the Corporate Debtor (CD). The application pertains to a default on an Inter-Corporate Deposit (ICD) agreement.

## Facts

Opus Software Solutions Private Limited (Financial Creditor) filed an application under Section 7 of the IBC to initiate CIRP against Krishna Kanhaiya Milk Processing Private Limited (Corporate Debtor).

The application was filed on 28.02.2025.

The Corporate Debtor approached the Applicant for a loan of Rs.3,00,00,000/- by way of Inter-Corporate Deposit (ICD).

An ICD Agreement was entered into on 22.07.2020, and Rs.3,00,00,000/- was disbursed on 28.07.2020.

The loan was repayable within 6 months from the Disbursement Date, with interest at 12% p.a., making the repayment due on 28.01.2021.

The Corporate Debtor made a partial payment of Rs.1,00,00,000/- on 12.02.2021.

…

## Issues and analysis

### Issue 1: Whether the application under …

**Ratio:** The application is maintainable as the Applicant has demonstrated the existence of a

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**Reasoning:** The Tribunal considered the ICD Agreement, Guarantee Agreements, bank statements, and

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**Interpretation:** Section 7 of the IBC allows a Financial Creditor to initiate CIRP against a

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**Application:** The Tribunal applied Section 7 of the IBC and Rule 4 of the Insolvency and

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## Parties

- **Judges:** SAMEER…; NILESH S…
- **Appellants:** Opus Software…
- **Respondents:** Krishna Kanhaiya…
- **Other parties:** Pravin Laxman…; Sharad Jagtap…; +2 more
- **Advocates:** Chirag Bh…; Anand Jag…

## Timeline

- **2020-07-22 — ICD Agre…**: Inter-Corporate Loan Agreement dated 22.07.2020 entered between Opus Software Solutions…
- **2020-07-28 — Disbursement…**: Rs.3,00,00,000/- disbursed…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 5(8) — Definitions](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-5)

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